News Column

Major Averages Posting Modest Gains In Early Trading

June 20, 2014

WASHINGTON (Alliance News) - Stocks have moved modestly higher in early trading on Friday after ending the previous session's choppy trading nearly flat. The major averages have all moved to the upside, although buying interest has remained relatively subdued.

The early strength on Wall Street comes despite a lack of major catalysts and likely reflects the recent upward momentum for the markets, which has lifted the S&P 500 to new record highs.

Nonetheless, an absence of US economic news has led to light trading activity as investors look ahead to some key data due to be released next week.

While most of the major sectors are showing only modest moves, significant strength has emerged among oil service stocks. The Philadelphia Oil Service Index has advanced by 1.2%, reaching its best intraday level in almost six years.

The strength among oil service stocks comes amid a notable increase by the price of crude oil, with crude for July delivery climbing USD0.67 to USD107.10 a barrel.

Pharmaceutical, healthcare, and banking stocks are also seeing some early strength, while weakness has emerged among software and housing stocks.

Currently, the major averages are clinging to slim gains. The Dow is up 42.25 points or 0.3% at 16,963.71, the Nasdaq is up 2.93 points or 0.1% at 4,362.25 and the S&P 500 is up 3.40 points or 0.2% at 1,962.88.

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Source: Alliance News

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