The major averages have seen some further upside in recent trading, reaching new highs for the session. The Dow is up 91.84 points or 0.6% at 16,829.37, the Nasdaq is up 31.98 points or 0.8% at 4,283.62 and the S&P 500 is up 10.16 points or 0.5% at 1,938.04.
The strength that has emerged on
The ECB announced its decision to cut its benchmark interest rate by 10 basis points to 0.15% and also lowered its deposit rate to negative 0.1%.
Additionally, ECB President
"Of what will actually work, it will likely be the ABS purchases, but that market needs to get bigger before the ECB has enough to buy to make it impactful," he added.
Meanwhile, traders have largely shrugged off a report from the
The report said initial jobless claims rose to 312,000, an increase of 8,000 from the previous week's revised level of 304,000. Economists had expected claims to climb to 310,000.
Despite the increase, the
Friday morning, the
The consensus estimate calls for employment to increase by about 215,000 jobs in May after jumping by 288,000 jobs in April.
Networking stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Networking Index up by 2.5%. The index is regaining some ground after closing lower for four consecutive sessions.
Significant strength has also emerged among gold stocks, as reflected by the 1.8% gain being posted by the NYSE Arca Gold Bugs Index. The strength in the sector comes as gold for August delivery is climbing
Railroad stocks are also seeing considerable strength in mid-day trading, resulting in a 1.5% gain by the Dow Jones Railroads Index. With the gain, the index has reached a new record intraday high.
Steel, housing, and internet stocks are also posting notable gains on the day, moving higher along with most of the other major sectors.
In overseas trading, stock markets across the
The major European markets also ended the day mixed. While the
In the bond market, treasuries are moving modestly higher after trending lower over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.4 basis points at 2.582%.
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