Major Averages Posting Modest Gains In Mid-Day Trading

(RTTNews) - After initially showing a lack of direction, stocks have moved modestly higher over the course of the trading day on Monday. Buying interest has remained subdued, although the Dow has still risen to a nearly two-month high.

Airline stocks have shown a strong move to the upside on the day, driving the NYSE Arca Airline Index up by 2 percent. The gain extends a recent uptrend by the index, which has risen to its best intraday level in nearly two months.

SkyWest (SKYW) has helped to lead the sector higher, with the regional airline soaring by 9.1 percent to a six-year high.

Utilities stocks are also turning in a strong performance in mid-day trading, resulting in a 1.1 percent advance by the Dow Jones Utilities Average. With the gain, the average has reached its best intraday level in well over a month.

On the other hand, energy stocks have come under pressure on the day, moving lower along with the price of crude oil. Crude for November delivery is currently slumping $1.09 to $48.54 a barrel.

Railroad, gold, and computer hardware stocks have also moved to the downside, partly offsetting the strength seen in the aforementioned sectors.

Currently, the major averages are holding on to slim gains. The Dow is up 42.29 points or 0.3 percent at 17,126.78, the Nasdaq is up 9.39 points or 0.2 percent at 4,839.86 and the S&P 500 is up 1.19 points or 0.1 percent at 2,016.08.