WASHINGTON (dpa-AFX) - Extending the upward move seen in the previous session, stocks have moved moderately higher during trading on Tuesday. The major averages have all moved to the upside, although buying interest appears somewhat subdued.
Currently, the major averages are off their highs of the session but still in positive territory. The Dow is up 131.96 points or 0.3 percent at 49,109.14, the Nasdaq is up 74.42 points or 0.3 percent at 23,470.24 and the S&P 500 is up 20.90 points or 0.3 percent at 6,922.95.
The strength on Wall Street may partly reflect an extension of the upward momentum seen in the previous session, which helped lift the Dow to a new record closing high.
However, traders seem reluctant to make more significant moves ahead of the release of several key U.S. economic reports in the coming days.
Trading on Wednesday may be impacted by reaction to reports on private sector employment, job openings and service sector activity.
However, the highlight of the week is likely to be the release of the Labor Department's closely watched monthly jobs report on Friday.
The data could impact the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting later this month.
While the Fed is likely to leave rates unchanged at its January 27-28 meeting, the central bank is widely expected to cut rates by at least another quarter point in the coming months.
Sector News
Computer hardware stocks are turning in some of the market's best performances on the day, with the NYSE Arca Computer Hardware Index surging by 3.0 percent.
Significant strength is also visible among biotechnology stocks, as reflected by the 2.4 percent jump by the NYSE Arca Biotechnology Index.
Gold stocks are also seeing considerable strength amid a continued increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.3 percent.
Semiconductor, pharmaceutical and healthcare stocks have also moved notably higher, while housing and energy stocks have moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1.3 percent, while China's Shanghai Composite Index surged by 1.5 percent.
The major European markets have also moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 1.3 percent, the French CAC 40 Index is up by 0.4 percent and the German DAX Index is up by 0.1 percent.
In the bond market, treasuries are giving back ground following the rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.8 basis points at 4.183 percent.
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