Stocks have moved mostly higher in morning trading on Friday, regaining ground after trending lower over the past few sessions. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the advance.<\/p>\n
In recent trading, the major averages have reached new highs for the session. The Nasdaq is up 83.46 points or 0.6 percent at 13,832.29, the S&P 500 is up 19.76 points or 0.4 percent at 4,470.90 and the Dow is up 95.16 points or 0.3 percent at 34,595.89.<\/p>\n
The rebound on Wall Street may partly reflect bargain hunting, as some traders pick up stocks at reduced levels following recent weakness. The advance by the Nasdaq comes after the index closed lower for four straight sessions.<\/p>\n
Some trades may also feel concerns about the outlook for interest rates, which contributed to the recent weakness, have been overdone.<\/p>\n
While recent economic data has led to worries the Federal Reserve may leave rates higher for longer than previously anticipated, the central bank is still widely expected to keep rates unchanged later this month.<\/p>\n
Overall trading activity has been somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines ahead of the release of key reports next week.<\/p>\n
Next week will see the release of key reports on consumer and producer inflation as well as reports on retail sales, industrial production and consumer sentiment.<\/p>\n
Sector News<\/p>\n
Oil stocks have shown a significant move to the upside on the day, driving the NYSE Arca Oil Index up by 1.8 percent to a record intraday high.<\/p>\n
The strength among oil service stocks comes as the price of crude for October delivery is climbing $0.52 to $87.39 a barrel following the pullback seen on Thursday.<\/p>\n
An increase by the price of gold is also contributing to strength among gold stocks, with the NYSE Arca Gold Index posting a 1.2 percent gain.<\/p>\n
Software and computer hardware stocks are also seeing notable strength, contributing to the rebound by the tech-heavy Nasdaq.<\/p>\n
Other Markets<\/p>\n