WASHINGTON (Alliance News) - Stocks have moved mostly higher in early trading on Friday, extending the strong upward move seen over the past few sessions. The major averages have climbed firmly into positive territory, further offsetting the sell-off seen late last month.
The early strength on Wall Street comes on the heels of a mixed batch of US economic data, including tame inflation data from the Labor Department.
The Labor Department said its producer price index for final demand inched up by 0.1% in July after climbing by 0.4% in June. The modest increase by the index matched economist estimates.
The modest price growth seems to have offset some of the recent concerns about inflation and its potential impact on the outlook for monetary policy.
A separate report from the Federal Reserve showed a slightly bigger than expected increase in industrial production in July, while a recent report showed an unexpected deterioration in consumer sentiment in August.
While most of the major sectors are showing only modest moves, considerable strength has emerged among semiconductor stocks. The Philadelphia Semiconductor Index has advanced by 1.1%, extending a recent upward trend.
Applied Materials (AMAT) has helped to lead the semiconductor sector higher after reporting better than expected third quarter earnings.
Oil service, natural gas, and utilities stocks are also seeing some early strength, while gold stocks have come under pressure along with the price of the precious metal.
The major averages have seen some further upside in recent trading, reaching new highs for the young session. The Dow is up 50.83 points or 0.3% at 16,764.41, the Nasdaq is up 27.27 points or 0.6% at 4,480.27 and the S&P 500 is up 7.60 points or 0.4% at 1,962.78.
Original headline: Major Averages Moving To The Upside In Early Trading
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OCTOBER 31, 2014
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