Major Averages Remain Firmly Positive In Mid-Day Trading

(RTTNews) - With traders reacting to several positive catalysts, stocks have moved sharply higher during trading on Thursday. The gains on the day have offset the losses posted in the two previous sessions, with the Dow and the S&P 500 reaching new two-month highs.

Steel stocks are seeing substantial strength in mid-day trading, resulting in a 3.3 percent gain by the NYSE Arca Steel Index. The index is regaining ground after closing lower in the four previous sessions.

Carpenter Technology (CRS) is turning in one of the steel sector's best performances despite reporting weaker than expected first quarter results.

Notable strength is also visible among railroad stocks, as reflected by the 3.2 percent jump by the Dow Jones Railroads Index. Union Pacific (UNP) and Norfolk Southern (NSC) are posting standout gains.

Semiconductor stocks also continue to see considerable strength, driving the Philadelphia Semiconductor Index up by 2.9 percent. With the gain, the index has reached a three-month high.

Most of the other major sectors have also moved to the upside on the day, with significant strength visible among electronic storage, software, and gold stocks.

Currently, the major averages are posting strong gains, near their highs for the session. The Dow is up 264.00 points or 1.5 percent at 17,432.61, the Nasdaq is up 72.26 points or 1.5 percent at 4,912.38 and the S&P 500 is up 29.34 points or 1.5 percent at 2,048.28.