Stocks have moved mostly higher over the course of morning trading on Thursday, adding to the strong gains posted in the two previous sessions. The major averages have all climbed into positive territory after moving to the downside earlier in the day.
The strength on Wall Street comes even as traders digest mixed news out of Europe, with ECB President Jean-Claude Trichet providing disappointing commentary about the economic outlook, while European Commission President Jose Manuel Barroso repeated calls for a coordinated recapitalization of banks.
In U.S. economic news, the Labor Department released a report showing a modest increase in initial jobless claims in the week ended October 1st. Jobless claims rose by less than expected but still edged back above the key 400,000 level.
Oil service stocks are seeing considerable strength in late morning trading, resulting in a 2.1 percent gain by the Philadelphia Oil Service Index. The strength in the sector comes amid an increase by the price of crude oil, which has climbed back above $80 a barrel.
Steel, transportation, computer hardware, and healthcare provider stocks are also posting strong gains, moving to the upside along with most of the major sectors.
The major averages have pulled back off their best levels in recent trading but are currently holding on to modest gains. The Dow is up 11.20 points or 0.1 percent at 10,951.15, the Nasdaq is up 11.83 points or 0.5 percent at 2,472.34 and the S&P 500 is up 2.91 points or 0.3 percent at 1,146.94.
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