Major Averages Hovering In Positive Territory In Mid-Day Trading

(RTTNews) - While buying interest has remained somewhat subdued, stocks are seeing modest strength in mid-day trading on Wednesday. The gains on the day come on the heels of the notable pullback seen over the two previous sessions.

A majority of the major sectors have moved to the upside on the day, although most are seeing only modest strength in mid-day trading.

Gold stocks continue to see substantial strength, however, with the NYSE Arca Gold Bugs Index surging up by 1.6 percent. With the gain, the index has reached its best intraday level in well over three months.

The strength among gold stocks comes amid an increase by the price of the precious metal, with gold for August delivery climbing $8.50 to $1,325 an ounce.

Electronic storage, telecom, and railroad stocks are also seeing some strength, although buying interest has remained subdued.

The major averages have moved roughly sideways in recent trading, hovering above the unchanged line. The Dow is up 28.69 points or 0.2 percent at 16,935.31, the Nasdaq is up 13.59 points or 0.3 percent at 4,405.05 and the S&P 500 is up 3.96 points or 0.2 percent at 1,967.67.