Stocks remain mostly positive in mid-afternoon trading on Thursday after turning higher over the course of the morning. The major averages have pulled back off their best levels of the day but have managed to remain in positive territory.
The markets have benefited from a positive reaction to a Labor Department report showing that jobless claims remained at a nearly four-year low last week, with the data overshadowing disappointing earnings news from Hewlett-Packard (HPQ).
Biotechnology stocks are seeing considerable strength on the day, resulting in a 1.9 percent gain by the NYSE Arca Biotechnology Index. Vivus (VVUS) is posting a standout gain after a FDA advisory panel recommended approval of the company's weight-loss drug Qnexa.
Significant strength has also emerged among brokerage stocks, as reflected by the 1.8 percent gain being posted by the NYSE Arca Broker/Dealer Index. With the gain, the index has risen to its best intraday level in well over six months.
Telecom, gold, housing, and trucking stocks are also posting strong gains, while notable weakness has emerged among airline stocks.
The major averages have moved roughly sideways in recent trading, holding on to modest gains. The Dow is up 36.59 points or 0.3 percent at 12,975.26, the Nasdaq is up 14.41 points or 0.5 percent at 2,947.58 and the S&P 500 is up 3.34 points or 0.3 percent at 1,361.00.
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