Wall Street Sees Rebound After Recent Slide - U.S. Commentary

(RTTNews) - Stocks are posting modest gains in mid-day trading on Tuesday. Investors are showing some appetite for bargain hunting after a losing streak that stretched into last week.

The S&P 500 is up 8.12 points, or 0.5 percent, to 1,654.18. The Dow Jones Industrial Average is up 39.11 points. or 0.3 percent, to 15,049.85. The Nasdaq is higher by 21.46 points, or 0.6 percent, to 3,610.55.

The recent pullback had taken the Dow and the S&P 500 well off the record highs set earlier this month. The Dow closed Monday's trading within sight of the psychologically important 15,000 mark.

Despite Tuesday's early gains, action in the afternoon could remain cautious. Traders may be reluctant to make any significant moves ahead of the release of the minutes of the latest Federal Reserve meeting on Wednesday. The minutes could shed additional light on the outlook for the Fed's stimulus program

In corporate news, Home Depot (HD) reported second quarter earnings and revenues that exceeded analyst estimates. The company also raised its full-year guidance to reflect the improvement in the housing market.

Shares of Home Depot are close to the flat line, edging up 7 cents to $76.28.

Meanwhile, Best Buy (BBY) reported second quarter earnings that came in well above expectations. The stock is up $2.98, or nearly 10 percent, on the news. It is currently trading at $33.71.

Shares of J.C. Penney (JCP) are moving notably higher as well. This despite the fact that the department store operator reported a wider-than-expected second quarter loss. The recent troubles for Penney had been widely publicized and were likely already priced into the stock.

Shares of Penney are up 36 cents, or 2.7 percent, to $13.60.