Major Averages Close Higher For Second Straight Day

(RTTNews) - Stocks moved mostly higher over the course of the trading day on Tuesday, adding to the gains posted in the previous session. With the upward move on the day, the major averages further offset the sharp pullback seen late last week.

Steel stocks saw substantial strength on the day, benefiting from optimism further Chinese stimulus will boost demand. The NYSE Steel Index surged up by 3.5 percent, climbing further off the record closing low set last Thursday.

Allegheny Technologies (ATI) helped lead the steel sector higher, jumping by 12 percent, while U.S. Steel (X) and ArcelorMittal (MT) also posted strong gains.

Significant strength was also visible among oil service stocks, which moved higher along with the price of crude oil. The Philadelphia Oil Service Index shot up by 2.9 percent, bouncing well off last Friday's six-year closing low.

Railroad stocks also saw considerable strength on the day, driving the Dow Jones Railroads Index up by 2.3 percent. The index rebounded from yesterday's two-year closing low.

Tobacco, trucking, and chemical stocks also showed strong moves to the upside, moving higher along with most of the other major sectors.

The major averages ended the day firmly in positive territory but off their highs for the session. The Dow jumped 165.65 points or 1 percent to 17,417.27, the Nasdaq climbed 32.19 points or 0.7 percent to 5,001.11 and the S&P 500 advanced 17.82 points or 0.9 percent to 2,038.97.