Following the decline seen in the previous session, stocks have moved back to the upside in morning trading on Tuesday. Buying interest has remained somewhat subdued, however, limiting the advance by the major averages.
Currently, the Dow is up 48.41 points or 0.2 percent at 22,344.50, the Nasdaq is up 20.02 points or 0.3 percent at 6,390.61 and the S&P 500 is up 4.73 points or 0.2 percent at 2,501.39.
The strength on Wall Street comes as technology stocks are rebounding on the heels of the notable decline seen on Monday.
On the U.S. economic front, the Commerce Department released a report showing an unexpected decrease in new home sales in the month of August.
The Commerce Department said new home sales tumbled by 3.4 percent to an annual rate of 560,000 in August from the revised July rate of 580,000.
The decline surprised economists, who had expected new home sales to climb to a rate of 583,000 from the 571,000 originally reported for the previous month.
A separate report from the Conference Board showed a deterioration in consumer confidence in the month of September.
The Conference Board said its consumer confidence index dropped to 199.8 in September from a revised 120.4 in August. Economists had expected the index to slide to 120.2 from the 122.9 originally reported for the previous month.
Traders have not paid much attention recent economic reports, as the data was impacted by Hurricanes Harvey and Irma.
Tobacco stocks have shown a strong move to the upside on the day, driving the NYSE Arca Tobacco Index up by 1.2 percent.
Steel stocks are also seeing notable strength, although most of the other major sectors are showing only modest moves.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan’s Nikkei 225 Index fell by 0.3 percent, while Hong Kong’s Hang Seng Index inched up by 0.1 percent.
Meanwhile, the major European markets are seeing modest strength on the day. While the French CAC 40 Index is just above the unchanged line, the U.K.’s FTSE 100 Index and the German DAX Index are both up by 0.1 percent.
In the bond market, treasuries are giving back ground following the strength seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.9 basis points at 2.239 percent.
by RTT Staff Writer
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