07.02.2014 18:11:30
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Major Averages Seeing Further Upside In Mid-Day Trading
(RTTNews) - With traders reacting positively to the monthly jobs report, stocks have moved notably higher over the course of the trading day on Friday. The markets are extending the upward move seen in the previous session, continuing to recover from Monday's sell-off.
Biotechnology stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 3.5 percent. The index is regaining ground after ending the previous session at its worst closing level in almost a month.
Myriad Genetics (MYGN), InterMune (ITMN), and Nektar Therapeutics (NKTR) are turning in some of the biotech sector's best performances.
Considerable strength has also emerged among gold stocks, as reflected by the 2.1 percent gain being posted by the NYSE Arca Gold Bugs Index. The strength in the sector comes as gold for April delivery is climbing $4.80 to $1,262 an ounce.
Electronic storage stocks also continue to see significant strength, with the NYSE Arca Disk Drive Index rising by 1.6 percent. Imation (IMN) is leading the sector higher after reporting a fourth quarter profit compared to a year-ago loss.
Tobacco, airline, and healthcare stocks are also posting notable gains, moving higher along with most of the other major sectors.
The major averages have seen some further upside in recent trading, reaching new highs for the session. The Dow is up 95.46 points or 0.6 percent at 15,723.99, the Nasdaq is up 48.58 points or 1.2 percent at 4,105.71 and the S&P 500 is up 14.39 points or 0.8 percent at 1,787.82.
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