Major Averages Hovering In Positive Territory In Mid-Day Trading

(RTTNews) - Stocks have shown a significant turnaround over the course of the trading day on Monday after coming under pressure at the open. The rebound on the day comes as traders digest a mixed batch of U.S. economic data.

Gold stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 3.6 percent. The gain by the index comes after it closed lower in the two previous sessions.

The rally by gold stocks comes amid an increase by the price of the precious metal, with gold for December delivery climbing $5.10 to $1,117.80 an ounce.

Significant strength has also emerged among telecom stocks, as reflected by the 1.6 percent gain being posted by the NYSE Arca North American Telecom Index. Sprint (S) is leading the sector higher, jumping by 12.7 percent.

Airline stocks are also turning in a strong performance in mid-day trading, resulting in a 1.4 percent gain by the NYSE Arca Airline Index.

Housing, biotechnology, and utilities stocks have also moved higher on the day, while weakness remains visible among oil service and brokerage stocks.

Currently, the major averages are hovering in positive territory. The Dow is up 43.83 points or 0.3 percent at 17,521.23, the Nasdaq is up 19.10 points or 0.4 percent at 5,067.34 and the S&P 500 is up 5.50 points or 0.3 percent at 2,097.04.