Major Averages Climbing To New Highs For The Session

(RTTNews) - After initially showing a lack of direction, stocks have moved mostly higher over the course of the trading day on Tuesday. With the upward move, the major averages are partly offsetting the weakness seen over the past several sessions.

Steel stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Steel Index up by 3.7 percent. With the gain, the index is bouncing well off the six-year closing low set in the previous session.

Cliffs Natural Resources (CLF) has helped to lead the sector higher, jumping by 17.1 percent ahead of the release of its second quarter results on Wednesday.

Considerable strength has also emerged among energy stocks, which are moving higher along with the price of crude oil. Crude for September delivery is currently climbing $0.89 to $48.28 a barrel, rebounding from a found-month low.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index has surged up by 3.5 percent, while the NYSE Arca Oil & Gas Index is up by 2.7 percent.

Railroad stocks are also seeing significant strength in mid-day trading, with the Dow Jones Railroads Index jumping by 3.2 percent. Kansas City Southern (KSU) and Union Pacific (UNP) are posting standout gains.

Tobacco, trucking, and semiconductor stocks have also shown strong moves to the upside on the day, moving higher along with most of the other major sectors.

The major averages have seen some further upside in recent trading, reaching new highs for the young session. The Dow is up 120.03 points or 0.7 percent at 17,560.62, the Nasdaq is up 27.15 points or 0.5 percent at 5,066.93 and the S&P 500 is up 16.69 points or 0.8 percent at 2,084.33.