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 Tuesday. Buying interest has remained relatively subdued, however, limiting the upside for the markets.

Housing stocks continue to turn in a strong performance in mid-day trading after moving sharply higher earlier in the session. The Philadelphia Housing Sector Index has surged up by 2.2 percent, reaching its best intraday level in almost a month.

The strength in the housing sector reflects the positive reaction to the upbeat building permits and home prices data released before the start of trading.

Meanwhile, gold stocks are extending a recent downward trend, dragging the NYSE Arca Gold Bugs Index down by 2.3 percent. The index is on pace to end the session at its lowest closing level in five years.

Steel, utilities, and airline stocks have also moved to the downside on the day, while most of the other major sectors are showing only modest moves.

The major averages are currently posting modest gains, with the tech-heavy Nasdaq somewhat more firmly in positive territory. While the Nasdaq is up 14.05 points or 0.4 percent at 4,008.62, the Dow is up 21.96 points or 0.1 percent at 16,094.50 and the S&P 500 is up 1.78 points or 0.1 percent at 1,804.26.