WASHINGTON (dpa-AFX) - After moving to the downside early in the session, stocks have regained ground over the course of the trading day on Thursday. The major averages have climbed well off their lows of the session, with the Dow and the S&P 500 reaching positive territory.
Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 29.21 points or 0.2 percent at 19,117.60, the S&P 500 is up 11.50 points or 0.2 percent at 5,904.08 and the Dow is up 123.65 points or 0.3 percent at 42,174.71.
The initial weakness on Wall Street came as some traders looked to cash in on the recent strength in the markets, which saw the Nasdaq and the S&P 500 reach their best closing levels in well over two months on Wednesday.
Stocks have recently benefitted from easing trade concerns after the U.S. reached agreements with the U.K. and China to reduce tariffs.
Selling pressure has waned over the course of the session, however, as traders digest an avalanche of U.S. economic data, including a Labor Department report showing producer prices unexpectedly decrease in the month of April.
The Labor Department said its producer price index for final demand fell by 0.5 percent in April following a revised unchanged reading in March.
Economists had expected producer prices to rise by 0.2 percent compared to the 0.4 percent decline originally reported for the previous month.
Another report released by the Commerce Department showed a slight increase by U.S. retail sales in the month of April.
The Commerce Department said retail sales crept up by 0.1 percent in April after surging by an upwardly revised 1.7 percent in March.
Economists had expected retail sales to inch up by 0.1 percent compared to the 1.4 percent jump originally reported for the previous month.
Excluding sales by motor vehicle and parts dealers, retail sales still edged up by 0.1 percent in April after climbing by 0.8 percent in March. Ex-auto sales were expected to rise by 0.3 percent.
Meanwhile, the Federal Reserve released a report on showing industrial production in the U.S. came in unchanged in the month of April.
The Fed said industrial production was unchanged in April after falling by 0.3 percent in March. Economists had expected industrial production to rise by 0.2 percent.
While utilities output surged by 3.3 percent in April after plunging by 6.2 percent in March, manufacturing and mining output fell by 0.4 percent and 0.3 percent, respectively.
Sector News
Despite the rebound by the broader markets, oil service stocks continue to see significant weakness on the day, dragging the Philadelphia Oil Service Index down by 2.6 percent.
The slump by oil service stocks comes amid a steep drop by the price of crude oil, with crude for June delivery plunging $1.74 to $61.41 a barrel.
Notable weakness is also visible among airline stocks, as reflected by the 1.1 percent loss being posted by the NYSE Arca Airline Index.
On the other hand, utilities stocks have shown a strong move to the upside, driving the Dow Jones Utility Average up by 1.4 percent.
Pharmaceutical, networking and commercial real estate stocks are also seeing considerable strength, offsetting the weakness in the aforementioned sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index slumped by 1.0 percent, while China's Shanghai Composite Index slid by 0.7 percent.
Meanwhile, the major European markets have moved to the upside on the day. While the German DAX Index is up by 0.7 percent, the U.K.'s FTSE 100 Index is up by 0.6 percent and the French CAC 40 Index is up by 0.2 percent.
In the bond market, treasuries are regaining ground after trending lower over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 6.5 basis points at 4.463 percent.
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