The early strength on
After the close of trading on Thursday, HP reported second quarter earnings that were in line with estimates, although its revenues came in below expectations. The company also revealed plans to cut 16,000 more jobs.
Positive sentiment has also recently been generated by the release of a report from the
Housing stocks have moved notably higher following the release of the report, driving the Philadelphia Housing Sector Index up by 1.3%. The index is currently on pace to end the session at its best closing level in over a month.
Airline, railroad, and semiconductor stocks are also seeing some early strength, while most of the other major sectors are showing only modest moves.
The lack of conviction behind the upward move by the broader markets comes as some traders are away from their desks, getting a head start on the long
The major averages have seen some further upside in recent trading, reaching new highs for the young session. The Dow is up 45.80 points or 0.3% at 16,588.88, the Nasdaq is up 10.66 points or 0.3% at 4,165.00 and the S&P 500 is up 4.46 points or 0.2% at 1,896.95.
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