Stocks have shown a notable turnaround over the course of morning trading on Thursday, recovering from a modest move to the downside at the open. The major averages have bounced off their lows for the session and into positive territory.
The turnaround by the markets comes as an upbeat employment report has generated some optimism about tomorrow's monthly jobs report, offsetting some of the recent negative sentiment regarding the lack of further stimulus from the Federal Reserve.
The report from the Labor Department showed a modest drop in initial jobless claims in the week ended March 31st, with claims falling to a nearly four-year low.
Oil service stocks have shown a strong move to the upside on the day, driving the Philadelphia Oil Service Index up by 1.2 percent. The strength in the sector comes as the price of crude oil is regaining some ground after falling sharply in the previous session.
Considerable strength has also emerged among steel stocks, which are moving higher along with chemical and natural gas stocks. On the other hand, some weakness remains visible among electronic storage and networking stocks.
The major averages have seen some further upside in recent trading, reaching new highs for the session. The Dow is up 12.45 points or 0.1 percent at 13,087.20, the Nasdaq is up 11.70 points or 0.4 percent at 3,079.79 and the S&P 500 is up 2.63 points or 0.2 percent at 1,401.59.
by RTT Staff Writer
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