WASHINGTON (dpa-AFX) - Stocks showed a lack of direction early in the session but have moved mostly higher over the course of the trading day on Friday. The major averages have all climbed into positive territory after falling sharply in the previous session.
Currently, the Dow is up 358.76 points or 0.7 percent at 52,070.41 and the S&P 500 is up 43.60 points or 0.6 percent at 7,451.90. The tech-heavy Nasdaq is posting a more modest gain, up 16.74 points or 0.7 percent at 25,154.43.
The strength that has emerged on Wall Street may partly reflect bargain hunting following yesterday's sell-off, which dragged the Nasdaq down to its lowest closing level in well over two months.
Buying interest has also been generated in reaction to a sharp pullback by the price of crude oil, with U.S. crude oil futures plunging 4 percent after soaring by more than 6 percent on Thursday.
The steep drop by the price of crude oil comes despite the continued exchange of attacks between the U.S. and Iran.
After the United States launched its 13th consecutive night of strikes on Iranian targets, Tehran retaliated with missile attacks targeting neighboring Arab countries hosting U.S. military bases.
Treasury yields are giving back ground along with crude oil prices, which has helped ease recent concerns about the outlook for interest rates.
Meanwhile, traders seem to have shrugged off news the Trump administration is imposing tariffs on 60 economies for their failure to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.
The tariffs, ranging from 10 percent to 12.5 percent, would impact major economies like the European Union, the U.K., China, India, Japan and Canada. The measures replace a temporary 10 percent global tariff that expires today.
Sector News
Airline stocks are seeing a substantial rebound following recent weakness, with the NYSE Arca Airline Index soaring by 4.2 percent after ending Thursday's trading at its lowest closing level in well over a month.
Despite the pullback by the price of crude oil, oil service stocks are also seeing significant strength, driving the Philadelphia Oil Service Index up by 2.8 percent to a one-month intraday high.
SLB (SLB) has helped lead the sector higher, spiking by 10 percent after reporting better than expected second quarter results.
Commercial real estate and housing stocks are also seeing considerable strength amid the pullback by treasury yields, while semiconductor stocks have moved sharply lower.
After seeing pre-market trading, shares of Intel (INTC) have come under pressure in regular trading even though the chipmaker reported second quarter results that exceeded estimates and provided upbeat third quarter guidance.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved notably lower during trading on Friday. Japan's Nikkei 225 Index plunged by 2.7 percent, while China's Shanghai Composite Index tumbled by 1.6 percent.
Meanwhile, the major European markets have moved to the upside on the day. While the German DAX Index is up by 0.9 percent, the U.K.'s FTSE 100 Index is up by 0.7 percent and the French CAC 40 Index is up by 0.5 percent.
In the bond market, treasuries are regaining ground after seeing significant weakness over the past several sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.6 basis points at 4.667 percent.
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