(RTTNews) - Stocks have moved to the upside in late-morning trading after seeing considerable weakness earlier in the day. While some investors are digesting a report that showed a much weaker than expected drop in consumer confidence, bargain hunters are looking for deals following a sharp sell off in the prior week.

Financial stocks, including bank and brokerage stocks, have contributed to the turnaround. The S&P Bank Index is climbing 2.5 percent, while the Amex Securities Broker/Dealer Index is moving 0.9 percent higher. Telecommunications and semiconductor stocks are also notably higher.

On the other hand, chemical stocks are showing considerable weakness, with the S&P Chemical Index falling 1.9 percent. Some resource stocks are also seeing declines, including natural gas, oil and oil service stocks.

The major averages have turned mixed in recent trading, with only the Nasdaq trading below the unchanged line. While the Nasdaq is currently down 6.61 at 2,379.13, the Dow is up 13.27 at 11,855.63 and the S&P 500 is up 0.71 at 1,318.71.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Posted in Categories: Economy, Releases, USA.

Subscribe by RSS Subscribe by Email