Major Averages Posting Modest Gains In Early Trading

(RTTNews) - Stocks have moved modestly higher in early trading on Thursday, extending the strong upward move seen in the previous session. The major averages have all moved to the upside, although buying interest has remained somewhat subdued.

The early strength on Wall Street comes as traders digest a mixed a batch of economic data. While upbeat reports on Chinese manufacturing activity and U.S. existing home sales have generated some positive sentiment, a separate report showed a bigger than expected rebound in U.S. jobless claims.

Biotechnology stocks are seeing significant strength in early trading, with the NYSE Arca Biotechnology Index up by 1.4 percent. Vertex (VRTX) and Nektar Therapeutics (NKTR) are posting notable gains.

Early strength is also visible among housing stocks, which have reacted positively to the existing home sales data. Reflecting the strength in the sector, the Philadelphia Housing Sector Index has advanced by 1.1 percent.

Brokerage, electronic storage, and steel stocks have also moved to the upside, while tobacco stocks are giving back some ground after rallying into the close of the previous session.

The major averages have moved roughly sideways in recent trading, holding on to slim gains. The Dow is up 15.60 points or 0.1 percent at 16,548.66, the Nasdaq is up 14.09 point or 0.3 percent at 4,145.62 and the S&P 500 is up 3.79 points or 0.2 percent at 1,891.82.