WASHINGTON (dpa-AFX) - After ending the previous session mostly higher, stocks are seeing some further upside during trading on Friday. While buying interest has remained somewhat subdued, the tech-heavy Nasdaq has reached a new record intraday high.
Currently, the major averages are off their highs of the session but still in positive territory. The Nasdaq is up 56.08 points or 0.3 percent at 22,526.81, the S&P 500 is up 5.41 points or 0.1 percent at 6,637.37 and the Dow is up 24.29 points or 0.1 percent at 46,166.71.
The continued strength on Wall Street partly reflects an extension of recent upward momentum, which has helped to propel the major averages to new record highs.
While September is typically the worst month for stocks, the major averages have trended higher over the first few weeks of the month.
Optimism about the lower interest rates has contributed to the strength on Wall Street, with the Federal Reserve cutting rates by a quarter point on Wednesday and signaling two more rate cuts this year.
Traders are also keeping an eye on the outcome of a phone call between President Donald Trump and his Chinese counterpart Xi Jinping aimed at finalizing a deal over TikTok's U.S. operations.
Overall trading activity appears somewhat subdued, however, as a lack of major U.S. economic data keeps some traders on the sidelines.
Uncertainty about the next major catalyst for the markets following the Fed's rate cut may also be contributing to relatively light trading activity.
Sector News
Despite the uptick by the broader markets, airline stocks have shown a significant move to the downside, dragging the NYSE Arca Airline Index down by 1.6 percent.
An extended pullback by the price of crude oil is also weighing on energy stocks, with the NYSE Arca Oil Index and the Philadelphia Oil Service Index both down by 1.4 percent.
Semiconductor stocks also giving back ground following Thursday's rally, as reflected by the 1.2 percent loss being posted by the Philadelphia Semiconductor Index.
On the other hand, gold stocks are moving sharply higher amid an increase by the price of the precious metal, resulting in a 2.7 percent surge by the NYSE Arca Gold Bugs Index.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Friday. Japan's Nikkei 225 Index slid by 0.6 percent and China's Shanghai Composite Index fell by 0.3 percent, while Australia's S&P/ASX 200 Index increased by 0.3 percent.
The major European markets have also turned mixed on the day. While the French CAC 40 Index is up by 0.3 percent, the U.K.'s FTSE 100 Index is nearly unchanged and the German DAX Index is down by 0.1 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 3.1 basis points at 4.135 percent.
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