Major Averages Hovering Firmly In Positive Territory In Early Trading

(RTTNews) - Stocks have moved mostly higher in early trading on Monday, regaining some ground following the sell-off seen over the two previous sessions. The major averages spiked higher at the open and have remained firmly positive since then.

The early strength on Wall Street is partly due to bargain hunting after the steep drop seen late last week pulled the major averages down to their lowest closing levels in two months.

Trading activity has remained somewhat subdued, however, as some traders are away from their desks ahead of Christmas.

A lack of major U.S. economic data is also keeping some traders on the sidelines, although several key reports are due to be released in the coming days.

Gold stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 3.3 percent. The strength in the sector comes as gold for February delivery is climbing $13.30 to $1,078.30 an ounce.

Airline, steel, and housing stocks are also seeing significant strength, moving higher along with most of the other major sectors.

Currently, the major averages are hovering in positive territory. The Dow is up 123.03 points or 0.7 percent at 17,251.58, the Nasdaq is up 41.95 points or 0.9 percent at 4,965.03 and the S&P 500 is up 16.78 points or 0.8 percent at 2,022.33.