Major Averages Hovering Firmly In Positive Territory

(RTTNews) - After moving sharply higher early in the session, stocks continue to turn in a strong performance in mid-day trading on Thursday. The gains on the day have nearly offset the steep losses that were posted in the previous session.

The rally on Wall Street comes following the release of a Commerce Department report showing a bigger than expected increase in U.S. retail sales in the month of November.

The report said retail sales climbed by 0.7 percent in November, while economists had been expecting a 0.4 percent increase in sales.

Following the better than expected retail sales data, retail stocks continue to see substantial strength in mid-day trading. The Dow Jones Retail Index has surged up by 2.2 percent, climbing back toward the record closing high set late last month.

Office Depot (ODP) and Staples (SPLS) are turning in two of the retail sector's best performances amid optimism about a merger between the two office supplies retailers.

Significant strength also remains visible among networking stocks, as reflected by the 2.2 percent gain being posted by the NYSE Arca Networking Index. Ciena (CIEN) has led the sector higher despite reporting an unexpected fourth quarter loss.

Computer hardware stocks have also moved sharply higher on the day, driving the NYSE Arca Computer Hardware Index up by 1.9 percent. Hewlett-Packard (HPQ) is posting a standout gain within the sector, jumping by 3.1 percent.

Most of the other major sectors have also moved to the upside, with notable strength visible among internet, natural gas, oil service, and utilities stocks.

The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory. The Dow is up 216.80 points or 1.2 percent at 17,749.95, the Nasdaq is up 75.15 points or 1.6 percent at 4,759.18 and the S&P 500 is up 28.87 points or 1.4 percent at 2,055.01.