Major Averages Posting Modest Gains In Mid-Day Trading

(RTTNews) - After initially showing a lack of direction, stocks have moved modestly higher over the course of the trading day on Monday. With the upward move, the tech-heavy Nasdaq has reached another new record intraday high.

The modest strength that has emerged on Wall Street may partly reflect a positive reaction to the latest earnings news as the reporting season gets into full swing.

Toymaker Hasbro (HAS) and oil service giant Halliburton (HAL) are both posting notable gains after reporting second quarter earnings that came in better than expected.

Despite the advance shown by the broader markets, most of the major sectors continue to show only modest moves in mid-day trading.

Substantial weakness remains visible among gold stocks, however, with the NYSE Arca Gold Bugs Index plunging by 8.2 percent. With the drop, the index has fallen to its lowest levels in over twelve years.

The weakness among gold stocks comes amid a sharp drop by the price of the precious metal, with gold for August delivery plummeting $23.30 to $1,108.60 an ounce.

Natural gas, electronic storage, and airline stocks are also seeing notable weakness, while some strength has emerged among tobacco and banking stocks.

Currently, the major averages are hovering above the unchanged line. The Dow is up 36.61 points or 0.2 percent at 18,123.06, the Nasdaq is up 13.45 points or 0.3 percent at 5,223.59 and the S&P 500 is up 3.75 points or 0.2 percent at 2,130.39.