Major Averages Clinging To Modest Gains In Early Trading

(RTTNews) - After moving higher at the start of trading, stocks have given back some ground over the course of early trading on Thursday. The major averages have pulled back off their highs for the young session but are clinging to modest gains.

The initial strength on Wall Street partly reflected a positive reaction to a report from the Commerce Department showing a bigger than expected increase in personal spending in May.

The report said personal spending jumped by 0.9 percent in May, reflecting the biggest increase in nearly six years. Spending had been expected to increase by 0.7 percent.

Buying interest waned not long after the open, however, as Greece continues to struggle to reach an agreement for additional aid from its international creditors.

Most of the major sectors are subsequently showing only modest moves, although health care stocks are seeing some strength after a Supreme Court ruling upholding the Obamacare subsidies.

Currently, the major averages are hovering just above the unchanged line. The Dow is up 15.05 points or 0.1 percent at 17,981.12, the Nasdaq is up 6.78 points or 0.1 percent at 5,192.20 and the S&P 500 is up 3.20 points or 0.2 percent at 2,111.78.