Stocks Move Mostly Higher But Nasdaq Bucks Uptrend - U.S. Commentary

(RTTNews) - Stocks have moved mostly higher in early trading on Tuesday, extending the upward move seen over the course of the previous session. The major averages are turning in a mixed performance, however, as the tech-heavy Nasdaq has pulled back into the red.

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 4.55 points or 0.1 percent at 4,955.46, the Dow is up 51.94 points or 0.3 percent at 18,056.10 and the S&P 500 is up 6.60 points or 0.3 percent at 2,100.94.

Recent upward momentum for the markets continues to contribute to strength on Wall Street, with the major averages reaching their best levels in months.

The gains on the day have lifted the Dow to its best intraday level since last July, while the S&P 500 has reached a five-month intraday high.

Buying interest has been generated by strength overseas as well as an increase by the price of crude oil, which is climbing further off yesterday's early lows.

Crude for May delivery is currently jumping $1.27 to $41.05 a barrel. The price of oil ended the previous session down $0.58 at $39.78 a barrel but well off its low of $37.61 a barrel.

Meanwhile, notable losses by Illumina (ILMN) ad Netflix (NFLX) have contributed to the modest pullback by the Nasdaq.

Illumina is currently down by 24.8 percent after warning of weaker than expected first quarter revenue, while Netflix is down by 10.2 percent after providing disappointing subscriber growth guidance.

Among the major sectors, gold stocks have shown a substantial move to the upside on the day. The NYSE Arca Gold Bugs Index has surged up by 3.3 percent.

The strength in the gold sector comes amid a sharp increase by the price of the precious metal, with gold for June delivery soaring $20.90 to $1,255.90 an ounce.

Oil service stocks are also seeing considerable strength amid the increase by the price of crude oil. After reaching a one-month high, the Philadelphia Oil Service Index remains up by 3 percent.

Computer hardware, transportation, and chemical stocks have also moved notably higher, while weakness is visible among biotech and internet stocks.

In overseas trading, stock markets across the Asia-Pacific region showed a strong move back to the upside on Tuesday. Japan's Nikkei 225 Index surged up by 3.7 percent, while Hong Kong's Hang Seng Index jumped by 1.3 percent.

The major European markets have also moved notably higher on the day. While the German DAX Index has shot up by 2.1 percent, the French CAC 40 Index is up by 1.2 percent and the U.K.'s FTSE 100 Index is up by 0.7 percent.

In the bond market, treasuries are extended the moderate decrease seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.9 basis points at 1.792 percent.