Equities Pushing Higher in Afternoon Trade
05-Feb-13 13:30 ET
[BRIEFING.COM] Afternoon trade continues with the major averages sitting on their session highs. Upbeat European trade boosted stocks at the open, which never looked back since. The S&P 500 is higher by 1.1%.
Today's rebound session is taking place as six S&P 500 sectors trade with gains near 1.0%. Meanwhile, the remaining sectors are not far behind. Defensive-oriented utility stocks are an exception as the sector registers the slimmest gains. The SPDR Utilities Select Sector ETF (XLU 36.60, +0.17) is adding 0.5%.
In Washington, President Obama has recently wrapped up his brief remarks to the press. During his address, the president said his original budget proposal remains on the table. In addition, Mr. Obama said he would like to see a comprehensive reform of the tax code.