News Column

Major Averages Move To The Upside In Early Trading

July 18, 2014

WASHINGTON (Alliance News) - Stocks have moved mostly higher in early trading on Friday, regaining some ground after moving sharply lower over the course of the previous session. The major averages have all moved to the upside, although buying interest has waned since the open.

The early strength on Wall Street is partly due to bargain hunting following yesterday's sell-off, which pulled the Nasdaq and the S&P 500 down to their lowest closing levels in almost a month.

Airline stocks have moved notably higher after turning in some of the market's worst performances on Thursday. The NYSE Arca Airline Index has surged up by 1.5%, partly offsetting the 2.7% loss posted in the previous session.

Networking, steel, and biotechnology stocks are also seeing notable strength in early trading, moving higher along with most of the other major sectors.

Nonetheless, geopolitical worries have helped limit the upside for the markets after contributing to the substantial weakness seen in the previous session.

Traders continue to keep an eye on developments in Ukraine amid reports that a passenger plane was shot down near the Russian border. Both the Ukrainian government and separatist rebels in the region have denied responsibility.

The major averages are currently posting moderate gains, near their highs for the young session. The Dow is up 45.49 points or 0.3% at 17,022.30, the Nasdaq is up 28.86 points or 0.7% at 4,392.31 and the S&P 500 is up 7.35 points or 0.4% at 1,965.47.

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Source: Alliance News

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