Major Averages Climb Firmly Into Positive Territory In Early Trading

(RTTNews) - Stocks have moved mostly higher in early trading on Friday, regaining some ground following the sell-off seen in the previous session. The major averages have climbed firmly into positive territory but remain well below their recent highs.

The early strength on Wall Street is partly due to bargain hunting following the notable pullback seen over the past week.

The losses seen over the past few sessions have pulled the Nasdaq and the S&P 500 down well off the record closing highs set last Friday.

Biotechnology stocks have shown a significant move back to the upside in early trading, driving the NYSE Arca Biotechnology Index up by 2.3 percent. The gain by the index comes after it ended the previous session at its worst closing level in over two months.

Nektar Therapeutics (NKTR) has helped to lead the biotech sector higher, jumping by 13.3 percent after reporting better than expected first quarter results.

Semiconductor, airline, and chemical stocks are also seeing considerable strength, moving higher along with most of the other major sectors.

In recent trading, the major averages have pulled back off their highs for the young session, but they are holding on to notable gains. The Dow is up 112.87 points or 0.6 percent at 17,953.39, the Nasdaq is up 35.33 points or 0.7 percent at 4,976.75 and the S&P 500 is up 12.17 points or 0.6 percent at 2,097.68.