WASHINGTON (dpa-AFX) - After showing a lack of direction over the two previous sessions, stocks have shown a strong move to the upside in morning trading on Friday. With the advance, the tech-heavy Nasdaq is closing in on last week's record intraday high.
Currently, the major averages are hovering firmly in positive territory. The Dow is up 201.36 points or 0.8 percent at 26,281.46, the Nasdaq is up 101.30 points or 1 percent at 10,044.35 and the S&P 500 is up 25.81 points or 0.8 percent at 3,141.15.
The strength on Wall Street reflects the upward momentum shown by the markets in recent weeks, as there does not appear to be any major news driving the advance.
Traders remain optimistic about a quick economic recovery following recent employment and retail sales data, shrugging off concerns about a second wave of coronavirus infections.
The Trump administration has declared there will not be another shutdown, suggesting the economy will continue to recover even as more people get sick.
Gold stocks have shown a substantial move to the upside in morning trading, driving the NYSE Arca Gold Bugs Index up by 3.5 percent.
The strength in the gold sector comes amid a sharp increase by the price of the precious metal, with gold for August delivery jumping $16.60 to $1,747.70 an ounce.
A notable increase by the price of crude oil is also contributing to considerable strength among energy stocks, as crude for July delivery is surging up $1.48 to $40.32 a barrel.
Computer hardware, biotechnology and networking stocks are also seeing significant strength, moving higher along with most of the other major sectors.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index climbed by 0.6 percent, while China's Shanghai Composite Index jumped by 1 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index has advanced by 0.8 percent, the French CAC 40 Index is up by 1 percent and the U.K.'s FTSE 100 Index is up by 1.3 percent.
In the bond market, treasuries are giving back ground after moving higher over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.8 basis points at 0.722 percent.
Copyright RTT News/dpa-AFX