Nasdaq On Pace To Set A New Record Closing High

(RTTNews) - With traders reacting positively to earnings news from some big-name tech companies, stocks have moved mostly higher during trading on Friday. As a result of the gains on the day, the tech-heavy Nasdaq is on pace to set a new record closing high.

Software stocks are seeing substantial strength in mid-day trading, with Microsoft (MSFT) leading the sector higher. Reflecting the strength in the sector, the Dow Jones Software Index has surged up by 3.6 percent on the day.

Shares of Microsoft are surging up by 9 percent after the software giant reported better than expected third quarter results.

Considerable strength has also emerged among airline stocks, as reflected by the 1.9 percent gain being posted by the NYSE Arca Airline Index. With the gain, the index has reached a one-month intraday high.

Hawaiian Airlines parent Hawaiian Holdings (HA) is posting a standout gain after reporting better than expected first quarter results.

Internet, steel, and utilities stocks are also seeing significant strength on the day, with Juniper Networks (JNPR) posting a strong gain within the internet sector after beating first quarter estimates.

On the other hand, semiconductor stocks are extending the pullback seen in the previous session, dragging the Philadelphia Semiconductor Index down by 1.7 percent. Maxim (MXIM) is under pressure after providing disappointing guidance.

Oil service, computer hardware, and gold stocks are also moving notably lower, helping to limit the upside for the markets.

Currently, the major averages are all in positive territory, although he Nasdaq is outperforming its counterparts by a wide margin. While the Nasdaq is up 38.51 points or 0.8 percent at 5,094.57, the Dow is up 16.17 points or 0.1 percent at 18,074.86 and the S&P 500 is up 5.28 points or 0.3 percent at 2,118.21.