Stocks have moved to the upside in early trading on Thursday, adding to the gains posted in the two previous sessions. The major averages have climbed into positive territory, moving back toward the highs seen earlier this month.
The markets are once again benefiting from strength among technology stocks, which posted substantial gains during trading on Wednesday.
Shares of IBM Corp. (IBM) are moving notably higher after the tech giant reported better than expected second quarter earnings growth. While the company's revenues fell short of estimates, IBM also raised its full-year earnings guidance.
Within the tech sector, electronic storage stocks are posting particularly strong gains in early trading. Reflecting the strength in the storage sector, the NYSE Arca Disk Drive Index has surged up by 2.8 percent, climbing further off Monday's nine-month closing low.
Semiconductor stocks are also seeing considerable strength, driving the Philadelphia Semiconductor Index up by 2.3 percent. The index is adding to the 3.6 percent gain it posted on Wednesday.
Outside of the tech sector, notable strength is visible among railroad, oil service and gold stocks. Union Pacific (UNP) is leading the railroad sector higher after reporting better than expected second quarter earnings.
The major averages have pulled back off their highs for the young session in the past few minutes but remain positive. The Dow is up 31.90 points or 0.3 percent at 12,940.60, the Nasdaq is up 21.41 points or 0.7 percent at 2,964.01 and the S&P 500 is up 3.93 points or 0.3 percent at 1,376.71.
by RTT Staff Writer
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