Major Averages Pull Back Off Highs But Hold On To Gains

(RTTNews) - After showing a strong move to the upside in early trading on Tuesday, stocks have given back some ground but remain mostly positive. The initial strength lifted the S&P 500 to a record intraday high, but buying interest has waned since then.

While most of the major sectors have pulled back off their best levels of the day, significant strength remains visible among networking stocks. Reflecting the strength in the sector, the NYSE Arca Networking Index is up by 1.5 percent.

Juniper Networks (JNPR), Cisco (CSCO), and Ciena (CIEN) are turning in some of the networking sector's best performances.

Biotechnology stocks also continue to see considerable strength in mid-day trading. The NYSE Arca Biotechnology Index has given back some ground but currently remains up by 1.5 percent.

Notable strength also remains visible among airline stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca Airline Index. United Continental (UAL) is leading the sector higher after UBS raised its rating on the company's stock to Buy from Neutral.

Computer hardware, housing, and telecom stocks are also holding on to strong gains, while utilities stocks have moved to the downside.

The major averages have pulled back well off their highs for the session but are holding on to gains. The Dow is up 43.46 points or 0.3 percent at 16,501.12, the Nasdaq is up 43.66 points or 1 percent at 4,242.66 and the S&P 500 is up 5.38 points or 0.3 percent at 1,877.72.