WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Friday, adding to the modest gains posted in the previous session. The major averages have all moved to the upside, with the tech-heavy Nasdaq reaching a record intraday high.
The major averages have pulled back well off their highs in recent trading but currently remain positive. The Nasdaq is up 343.39 points or 1.3 percent at 27,214.99, the S&P 500 is up 57.71 points or 0.8 percent at 7,724.16 and the Dow is up 161.39 points or 0.3 percent at 51,087.95.
Stocks showed a strong move to the upside early in the session following the release of a closely watched Labor Department report showing much weaker-than-expected job growth in the month of September.
The report said non-farm payroll employment rose by 29,000 jobs in September after jumping by a downwardly revised 133,000 jobs in August, while economists had expected employment to increase by 85,000 jobs.
The Labor Department also said the unemployment rate ticked up to 4.2 percent in September from 4.1 percent in August. Economists had expected the unemployment rate to remain unchanged.
While the data may raise some concerns about the strength of the economy, the release also contributed to a steep drop by treasury yields.
The weaker than expected jobs data was also seen as reducing the likelihood that the Federal Reserve will once again raise interest rates at its next meeting later this month.
However, buying interest has waned over the course of the session, as treasury yields have bounced well off their early lows, climbing back near the unchanged line.
A steep drop by the price of crude oil also contributed to the early buying interest, with U.S. crude oil futures plunging by more than 3 percent.
The sharp pullback by crude oil comes after a report from Reuters said European Union countries have discussed a French proposal to release diesel reserves in response to U.S. pressure to help cool surging fuel prices linked to the Iran war.
Sector News
Semiconductor stocks have shown a substantial move to the upside on the day, driving the Philadelphia Semiconductor Index up by 3 percent to a three-month intraday high.
Considerable strength is also visible among networking stocks, as reflected by the 2.1 percent surge by the NYSE Arca Networking Index.
Transportation and telecom stocks are also seeing significant strength, while oil producer stocks have moved sharply lower along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Friday. Hong Kong's Hang Seng Index plunged by 2.6 percent and Japan's Nikkei 225 Index slid by 0.9 percent, while Australia's S&P/ASX 200 Index advanced by 0.8 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index is up by 1.4 percent, the French CAC 40 Index is up by 1.1 percent and the U.K.'s FTSE 100 Index is up by 0.6 percent.
In the bond market, treasuries have pulled back near the unchanged line after an early rally. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 5.247 percent.
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