WASHINGTON (dpa-AFX) - After turning mixed over the course of the previous session, stocks have moved mostly higher during trading on Friday. The major averages have all moved to the upside, with the tech-heavy Nasdaq closing in on last Thursday's record intraday high.
Currently, the major averages are firmly in positive territory. The Nasdaq is up 178.81 points or 0.8 percent at 21,421.50, the S&P 500 is up 46.04 points or 0.7 percent at 6,386.04 and the Dow is up 230.34 points or 0.5 percent at 44,198.98.
The strength that has emerged on Wall Street comes as traders shrug off concerns about the economic impact of President Donald Trump's new tariffs on dozens of U.S. trading partners that took effect at midnight.
With the upward move on the day, the major averages are poised to post strong gains for the week, largely offsetting the steep losses posted in the previous week.
Networking stocks are showing a strong move to the upside, driving the NYSE Arca Networking Index up by 1.6 percent to a record intraday high.
Significant strength is also visible among steel stocks, as reflected by the 1.3 percent gain being posted by the NYSE Arca Steel Index.
Computer hardware and brokerage stocks are also seeing notable strength, while most of the other major sectors are showing more modest moves to the upside.
Among individual stocks, shares of LegalZoom.com (LZ) have skyrocketed by 40.6 percent after Bank of America upgraded its rating on the online legal technology and services company's stock to Buy from Underperform.
Online travel company TripAdvisor (TRIP) has also spiked by 17.7 percent after reporting second quarter earnings that exceeded analyst estimates.
On the other hand, shares of Trade Desk (TTD) have plummeted by 38.3 percent after several Wall Street firms downgraded the company's stock despite its strong second quarter earnings.
Salad chain Sweetgreen (SG) has also plunged by 27.9 percent after reporting weaker than expected second quarter results and slashing its full-year revenue guidance.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Friday. Hong Kong's Hang Seng Index slid by 0.9 percent and China's Shanghai Composite Index edged down by 0.1 percent, although Japan's Nikkei 225 Index bucked the downtrend and surged by 1.9 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the French CAC 40 Index is up by 0.4 percent, the German DAX Index is down by 0.1 percent and the U.K.'s FTSE 100 Index is down by 0.2 percent.
In the bond market, treasuries are extending the downward move seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.7 basis points at 4.281 percent.
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