Stocks continue to post strong gains in mid-afternoon trading on Friday after moving sharply higher over the course of the morning. The major averages are hovering firmly in positive territory, partly offsetting the losses posted in recent sessions.
The markets continue to benefit from a positive reaction to Chinese economic data as well as quarterly results from financial giants JP Morgan (JPM) and Wells Fargo (WFC).
Bargain hunting may also be contributing to some of the strength on Wall Street, with traders picking up stocks at reduced levels following the downward move seen over the past week.
With JP Morgan and Wells Fargo helping to lead the way higher, banking stocks continue to see considerable strength on the day. Reflecting the strength in the banking sector, the KBW Bank Index has surged up by 2.8 percent.
Trucking stocks have also moved sharply higher over the course of the trading day, driving the Dow Jones Trucking Index up by 2.3 percent. Housing, software, chemical, and telecom stocks are also seeing significant strength amid broad based buying interest.
The major averages have moved roughly sideways in recent trading, holding on to strong gains. The Dow is up 168.47 points or 1.3 percent at 12,741.74, the Nasdaq is up 37.87 points or 1.3 percent at 2,904.06 and the S&P 500 is up 18.62 points or 1.4 percent at 1,353.38.
by RTT Staff Writer
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