The market exhibiting the same kind of moxie that powered it through a variety of issues in 2019 with buying following two distinct paths.

• Defensive

All the defensive sectors are higher.

• Real Estate

Iron Mountain (IRM) leading real estate higher after posting solid financial results. 

• Utilities

Duke Energy (DUK setting the pace on another well-executed quarter). 

• Consumer staples. 

Being led by Altria (MO), which many believe is oversold in the aftermath of a national action against e-cigarettes.  Moreover, more analysts feel better after JUUL raised $700 million from bond investors.

• Materials

Linde (LIN) blew away the street as the international producer of industrial gases saw revenue up in each geographic region.

Meanwhile, the semis are taking off after Applied Materials (AMAT) posted strong results.  For most of the session, it’s been the top percentage gainer in the S&P 500.   Bank of America (BAC) also talking up the chip sector.

The Dow is down about 100 points.  Let’s hold off this afternoon.