With upbeat earnings news from tech giant Cisco (CSCO) overshadowing a largely disappointing batch of U.S. economic data, stocks are seeing modest strength in mid-day trading on Thursday. The gains on the day reflect continued upward momentum on Wall Street.
Networking stocks are seeing considerable strength in mid-day trading, with Cisco leading the way higher. The NYSE Arca Networking Index has surged up by 3.1 percent, reaching a nearly three-month intraday high.
Significant strength has also emerged among computer hardware stocks, as reflected by the 1.8 percent gain being posted by the NYSE Arca Computer Hardware Index. The gain has lifted the index to its best intraday level in a year.
Meanwhile, biotechnology stocks have shown a notable move to the downside on the day, dragging the NYSE Arca Biotechnology Index down by 1.9 percent. The index is pulling back further off the record closing high that it set on Tuesday.
Housing stocks have also come under pressure, with the Philadelphia Housing Sector Index down by 1.7 percent following the disappointing housing starts report.
The major averages are currently posting modest gains, with the tech-heavy Nasdaq a little more firmly in positive territory. While the Nasdaq is up 12.71 points or 0.4 percent at 3,484.33, the Dow is up 17.61 points or 0.1 percent at 15,293.30 and the S&P 500 is up 1.37 points or 0.1 percent at 1,660.15.
For comments and feedback: editorial@rttnews.com