After moving higher at the start of trading on Friday, stocks have continued to perform well throughout the session. The markets have benefited from some upbeat economic data after a disappointing batch of data helped drag stocks lower on Thursday.
The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory. The Dow is up 59.65 points or 0.4 percent at 15,292.87, the Nasdaq is up 16.18 points or 0.5 percent at 3,481.42 and the S&P 500 is up 7.87 points or 0.5 percent at 1,658.34.
The strength on Wall Street comes on the heels of the release of a pair of better than expected U.S. economic reports, including a report showing a substantial improvement in consumer sentiment in the month of May.
Thomson Reuters and the University of Michigan said the preliminary reading on their consumer sentiment index for May came in at 83.7 compared to the final April reading of 76.4.
With the sharp jump, the consumer sentiment index came in well above economist estimates for a reading of 78.0 and reached its highest level since July of 2007.
Jennifer Lee, senior economist at BMO Capital, said, "This much better-than-expected report indicates that stock markets at record highs, appreciating house values, and a generally stronger economy (notwithstanding the softer patch we're currently in) does good things to confidence."
A separate report from the Conference Board showed that leading economic indicators rose by more than anticipated in April, led by building permits and the interest rate spread
The Conference Board said its leading economic index rose by 0.6 percent in April following a revised 0.2 percent decrease in March. Economists had been expecting a more modest 0.3 percent increase.
Earlier in the day, the Conference Board said its leading economic indicators index for China rose 1.5 percent in April following a 0.6 percent drop in March. Four of the six components contributed positively to the index.
Among individual stocks, shares of ViaSat (VSAT) have moved sharply higher on the day after the satellite broadband company reported a better than expected fourth quarter profit compared to a year-ago loss. ViaSat has jumped 16.3 percent to a record high.
Action sports apparel maker Quiksilver (ZQK) is also turning in a strong performance after announcing a multi-year profit improvement plan. When fully implemented in 2016, the plan is expected to improve the company's EBITDA by $150 million.
Meanwhile, shares of Aruba Networks (ARUN) have shown a substantial move to the downside after the wireless-network equipment reported weaker than expected third quarter results and provided disappointing guidance. Aruba is currently down by 26.5 percent.
Sector News
Oil service stocks are turning in some of the market's best performances on the day, resulting in a 1.5 percent gain by the Philadelphia Oil Service Index. With the gain, the index has risen to its best intraday level in well over a year.
Within the oil service sector, Nabors Industries (NBR) and Helmerich & Payne (HP) are posting notable gains, advancing by 3 percent and 2.9 percent, respectively.
Significant strength has also emerged among brokerage stocks, as reflected by the 1.5 percent gain being posted by the NYSE Arca Broker/Dealer Index. A strong gain by Nomura Holdings (NMR) has helped lift the index to a two-year intraday high.
Banking, defense, and housing stocks have also shown strong moves to the upside on the day, moving higher along with most of the other major sectors.
Meanwhile, gold stocks have come under considerable selling pressure, moving lower along with the price of the precious metal. With gold for June delivery sliding $24.90 to $1,362 an ounce, the NYSE Arca Gold Bugs Index is down by 3.1 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 25 Index advanced by 0.7 percent, while China's Shanghai Composite Index surged up by 1.4 percent.
The major European markets also moved to the upside on the day. While the German DAX Index rose by 0.3 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index ended the day up by 0.5 percent and 0.6 percent, respectively.
In the bond market, treasuries are giving back ground after moving sharply higher in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 6.6 basis points at 1.931 percent.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.