Major Averages Remain Firmly Positive In Mid-Day Trading

(RTTNews) - After moving sharply higher early in the session, stocks continue to see considerable strength in mid-day trading on Monday. The gains on the day have partly offset the steep drop that was shown by the markets last week.

While most of the major sectors have moved to the upside on the day, banking stocks are turning in a particularly strong performance. The Dow Jones Banks Index has risen by 1.7 percent after ending last Friday's trading at its lowest closing level in well over a month.

JP Morgan (JPM) has helped to lead the banking sector higher, with the financial giant surging up by 2.8 percent on the day.

Significant strength is also visible among oil stocks, as reflected by the 1.6 percent gain being posted by the NYSE Arca Oil & Gas Index. The strength in the sector comes despite a decrease by the price of crude oil.

Brokerage, natural gas, utilities and housing stocks are also seeing considerable strength, while gold stocks continue to buck the uptrend.

The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory. The Dow is up 257.14 points or 1.5 percent at 17,969.80, the Nasdaq is up 36.51 points or 0.8 percent at 4,927.72 and the S&P 500 is up 20.59 points or 1 percent at 2,081.61.