Major Averages Clinging To Slim Gains In Mid-Day Trading

(RTTNews) - After moving modestly higher earlier in the session, stocks continue to see some strength in mid-day trading on Friday. Buying interest has remained relatively subdued, however, limiting the upside for the markets.

Many of the major sectors are showing only modest moves on the day, although substantial strength remains visible among gold stocks. The NYSE Arca Gold Bugs Index has surged up by 5.4 percent and is on pace to set a nearly three-month closing high.

The rally by gold stocks comes amid an increase by the price of the precious metal, with gold for December delivery climbing $13.80 to $1,158.10 an ounce.

Airline stocks are also turning in a strong performance in mid-day trading, resulting in a 2.5 percent gain by the NYSE Arca Airline Index. United Continental (UAL) has led the sector higher after raising its third quarter profit margin forecast.

Steel, trucking, and biotechnology stocks are also seeing some strength on the day, while weakness is visible among computer hardware, energy, and brokerage stocks.

The major averages have pulled back off their highs but are currently clinging to slim gains. The Dow is up 23.19 points or 0.1 percent at 17,073.94, the Nasdaq is up 16.05 points or 0.3 percent at 4,826.84 and the S&P 500 is up 0.98 points or 0.1 percent at 2,014.41.