News Column

Major Averages Move Moderately Higher In Early Trading

June 6, 2014

WASHINGTON (Alliance News) - Stocks have moved moderately higher in early trading on Friday, extending the upward move seen in the previous session. The major averages have all moved to the upside, with the Dow and the S&P 500 reaching new record highs.

The early strength on Wall Street largely reflects a positive reaction to a report from the Labor Department showing that employment rose roughly in line with economist estimates in the month of May.

The report said non-farm payroll employment increased by 217,000 jobs in May after jumping by a revised 282,000 jobs in April. Economists had been expecting employment to rise by about 215,000 jobs.

Buying interest has remained somewhat subdued, however, as traders question whether the economic outlook supports much further upside for the markets.

Nonetheless, airline stocks are seeing significant strength, resulting in a 1.1% gain by the NYSE Arca Airline Index. The gain extends a recent upward move by the index, which has risen to a new twelve-year high.

Housing, electronic storage, and brokerage stocks are also seeing early strength, while most of the other major sectors are showing more modest moves.

After initially moving higher, the major averages have moved roughly sideways in recent trading. The Dow is up 46.12 points or 0.3% at 16,882.23, the Nasdaq is up 14.29 points or 0.3% at 4,310.52 and the S&P 500 is up 4.80 points or 0.3% at 1,945.26.

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Source: Alliance News

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