Stocks have moved mostly higher over the course of morning trading on Friday, benefiting from a positive reaction to the latest batch of earnings news. The major averages have climbed firmly into positive territory, offsetting the losses posted in the previous session.
Much of the strength on Wall Street can be attributed to upbeat earnings news from big-name companies such as Microsoft (MSFT), General Electric (GE), and McDonald's (MCD).
Shares of Microsoft have surged up by 5.5 percent after the software giant reported better than expected fiscal third quarter results. The standout gain is contributing to a 2.7 percent advance by the Dow Jones Software Index.
Housing stocks are also seeing considerable strength on the day, resulting in a 2 percent gain by the Philadelphia Housing Sector Index. D.R. Horton (DHI) and PulteGroup (PHM) are turning in two of the sector's best performances.
Tobacco, commercial real estate, and biotechnology stocks are also posting notable gains, while some electronic storage and semiconductor stocks are bucking the uptrend.
The major averages have pulled back off their highs for the session in recent trading but are holding on to strong gains. The Dow is up 97.14 points or 0.8 percent at 13,061.24, the Nasdaq is up 19.15 points or 0.6 percent at 3,026.71 and the S&P 500 is up 8.05 points or 0.6 percent at 1,384.97.
by RTT Staff Writer
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