Major Averages Pull Back Well Off Best Levels Of The Day

(RTTNews) - After moving notably higher at the open, stocks have given back some ground over the course of the trading session on Monday. The major averages have pulled back well off their best levels of the day, with the Dow briefly turning negative.

Despite the pullback by the broader markets, significant strength remains visible among gold stocks. The NYSE Arca Gold Bugs Index is up by 3.2 percent, climbing further off the nearly one-month closing low set last Thursday.

The gains by gold stocks come amid an increase by the price of the precious metal, with gold for February delivery climbing $13.40 to $1,078.40 an ounce.

Airline stocks are also holding on to strong gains, resulting in a 2.1 percent advance by the NYSE Arca Airline Index. China Southern Airlines (ZNH) and Copa Holdings (CPA) are posting standout gains.

Telecom and computer hardware stocks also continue to see notable strength, while energy stocks have moved to the downside along with the price of crude oil.

Currently, the major averages are posting modest gains. The Dow is up 17.47 points or 0.1 percent at 17,146.02, the Nasdaq is up 20.06 points or 0.4 percent at 4,943.14 and the S&P 500 is up 3.92 points or 0.2 percent at 2,009.47.