Major Averages Holding On To Strong Gains In Mid-Day Trading

(RTTNews) - After moving sharply higher at the open, stocks have continued to perform well throughout the trading day on Friday. The gains on the day are extending the upward trend seen over the past two weeks, lifting the Dow to a new record high.

The strength on Wall Street largely reflects a positive reaction to news of further monetary policy easing by the Bank of Japan.

While most of the major sectors have moved to the upside on the day, semiconductor stocks are posting particularly strong gains. The Philadelphia Semiconductor Index has surged up by 3.5 percent, reaching its best intraday level in a month.

Microchip Technology (MCHP) has helped to lead the semiconductor sector higher, jumping 6.6 percent after reporting second quarter earnings that matched analyst estimates.

Significant strength is also visible among brokerage stocks, as reflected by the 2.3 percent gain being posted by the NYSE Arca Broker/Dealer Index. Nomura Holdings (NMR) is posting a standout gain after being upgraded from Sell to Hold by TheStreet Ratings.

Internet stocks are also see considerable strength in mid-day trading, with the Dow Jones Internet Index climbing by 2.2 percent. Expedia (EXPE) is up by 5 percent after reporting better than expected third quarter results.

Airline, computer hardware, chemical, and defense stocks are also moving notably higher, reflecting broad based buying interest.

However, gold stocks are bucking the uptrend amid a sharp drop by the price of the precious metal. With gold for December delivery tumbling $33.20 to $1,165.40 an ounce, the NYSE Arca Gold Bugs Index has plummeted by 5.1 percent.

The major averages have pulled back off their best levels in recent trading but remain firmly positive. The Dow is up 162.47 points or 0.9 percent at 17,357.89, the Nasdaq is up 55.12 points or 1.2 percent at 4,621.25 and the S&P 500 is up 19.01 points or 1 percent at 2,013.66.