In recent trading, the major averages have seen some further upside, 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.
The early strength on
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 from
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.
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.
Among individual stocks, shares of
Scientific instruments maker
On the other hand, shares of
In overseas trading, stock markets across the
The major European markets have also moved to the upside on the day. While the French CAC 40 Index is up by 1.2%, the German DAX Index is up by 1% and the
In the bond market, treasuries are adding to the modest gains posted in the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price is down by 1.8 basis points at 2.382%.
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