Major Averages Clinging To Modest Gains In Mid-Day Trading

(RTTNews) - After moving notably higher at the open, stocks have given back some ground over the course of the trading day on Tuesday. The major averages have pulled back well off their highs for the session but remain in positive territory.

Despite the pullback by the broader markets, airline stocks continue to see considerable strength, with the NYSE Arca Airline Index surging up by 1.8 percent after plunging by 3.5 percent on Monday. China Southern Airlines (ZNH) is posting a standout gain, jumping by 7.3 percent.

Significant strength also remains visible among biotechnology stocks, as reflected by the 1.6 percent gain being posted by the NYSE Arca Biotechnology Index. The index is rebounding after falling sharply over the four previous sessions.

Meanwhile, steel stocks have come under pressure on the day, dragging the NYSE Arca Steel Index down by 2 percent. With the drop, the index has fallen to a six-year low.

Notable weakness has also emerged among electronic storage and gold stocks, which are extending recent downward moves.

Currently, the major averages are clinging to modest gains. The Dow is up 22.40 points or 0.1 percent at 17,618.75, the Nasdaq is up 21.88 points or 0.4 percent at 4,980.35 and the S&P 500 is up 4.06 points or 0.2 percent at 2,061.70.