News Column

Major Averages Posting Modest Gains In Early Trading

May 2, 2014

WASHINGTON (Alliance News) - While buying interest has remained somewhat subdued, stocks are seeing modest strength in early trading on Friday. The major averages have all moved to the upside after ending the previous session on opposite sides of the unchanged line.

The early strength on Wall Street comes following the release of a report from the Labor Department showing stronger than expected job growth and a steep drop in the unemployment rate.

The data has generated some positive sentiment regarding the economy, although renewed worries about the outlook for interest rates have helped to limit the upside for the markets.

Nonetheless, housing stocks have moved notably higher in early trading, driving the Philadelphia Housing Sector Index up by 1.4%. Masco (MAS) is posting a notable gain after being upgraded by both Goldman Sachs and Raymond James.

Brokerage, banking, and oil service stocks are also seeing early strength, while most of the other major sectors are showing more modest moves to the upside.

The major averages are currently posting moderate gains, near their highs for the young session. The Dow is up 57.81 points or 0.4% at 16,616.68, the Nasdaq is up 14.38 points or 0.4% at 4,141.83 and the S&P 500 is up 7.42 points or 0.4% at 1,891.10.

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Source: Alliance News

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