ND: Major Averages Well Off Highs But Still Positive
While stocks have had some difficulty sustaining a significant upward move, they have remained mostly positive throughout morning trading on Friday. The major averages are regaining some ground after posting steep losses in the two previous sessions.
The strength in the markets is due in large part to substantial gains by resource stocks, which are benefiting from an increase in commodities prices. Gold stocks are posting particularly strong gains amid an increase by the price of the precious metal.
While significant strength is also visible among telecommunications, pharmaceutical, and utilities stocks, weakness among housing, banking, and electronic storage stocks has helped to limit the upside for the broader markets.
In recent trading, the major averages have pulled back well off their best levels of the day, although they currently remain firmly positive. The Dow is currently up 88.33 at 8,784.12, the Nasdaq is up 17.50 at 1,626.20 and the S&P 500 is up 9.20 at 914.08.
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