WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Tuesday, extending the upward trend seen over the past few sessions. The major averages have all moved to the upside, with the Nasdaq and S&P 500 reaching new record intraday highs.
Currently, the major averages are just off their highs of the session. The Nasdaq is up 217.83 points or 0.8 percent at 27,695.14, the S&P 500 is up 54.97 points or 0.7 percent at 7,828.92 and the Dow is up 262.13 points or 0.5 percent at 51,530.03.
The continued strength on Wall Street comes amid an extended slump by the price of crude oil, with U.S. crude oil futures tumbling by 1.6 percent after plunging by 3.7 percent over the two previous sessions.
U.S. crude oil futures have slid further below $90 a barrel, while international benchmark Brent crude futures have pulled back below $100 a barrel.
Crude oil prices are seeing further downside as media reports suggest Middle East crude exports are recovering toward pre-war levels despite continued risks to shipping.
As oil flows from the Middle East recover after months of disruptions linked to the Iran war, Saudi Aramco unexpectedly lowered its November official selling prices for crude oil bound for Asia by the widest margin in six years.
Additional pressure on crude oil price is coming from the G7 announcement of a 100-million-barrel emergency stock release.
Treasury yields are moving lower along with the price of crude oil, with the yield on the benchmark ten-year note giving back ground after reaching its highest level since April 2002 on Monday.
In U.S. economic news, a report released by the Commerce Department showed the U.S. trade deficit widened by more than expected in the month of August.
The Commerce Department said the trade deficit increased to $105.6 billion in August from a revised $92.8 billion in July.
Economists had expected the trade deficit to grow to $99.0 billion from the $88.6 billion originally reported for the previous month.
Sector News
Airline stocks have moved sharply higher amid the extended slump by the price of crude oil, with the NYSE Arca Airline Index soaring by 3.7 percent.
Significant strength is also visible among networking stocks, as reflected by the 2.1 percent surge by the NYSE Arca Networking Index.
Software and retail stocks are also seeing considerable strength, while biotechnology stocks have shown a substantial move 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 shot up by 1.1 percent, while Hong Kong's Hang Seng Index jumped by 1 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index is up by 0.6 percent, the U.K.'s FTSE 100 Index is up by 0.2 percent and the French CAC 40 Index is up by 0.1 percent.
In the bond market, treasuries are regaining ground following a recent downward trend. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.6 basis points at 5.275 percent.
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