Major Averages Climb More Firmly Into Positive Territory

(RTTNews) - After initially showing a lack of direction, stocks have moved mostly higher over the course of the trading day on Friday. With the gains on the day, the markets are extending the upward trend seen over the past several sessions.

Steel stocks continue to see significant strength in mid-day trading, adding to the gains posted over the past few sessions. Reflecting the strength in the steel sector, the NYSE Arca Steel Index has surged up by 1.7 percent.

Brazil's Companhia Siderurgica Nacional (SID) and Cliffs Natural Resources (CLF) are turning in two of the steel sector's best performances, climbing by 7.7 percent and 6 percent, respectively.

Considerable has also emerged among biotechnology stocks, as reflected by the 1.2 percent gain being posted by the NYSE Arca Biotechnology Index. With the gain, the index has reached a new record intraday high.

Healthcare, semiconductor, and utilities stocks are also turning in strong performances on the day, while networking stocks are giving back some ground after leading the markets higher on Thursday.

The major averages have recently pulled back off their highs for the session but remain firmly positive. The Dow is up 89.02 points or 0.5 percent at 16,766.92, the Nasdaq is up 17.11 points or 0.4 percent at 4,469.90 and the S&P 500 is up 9.28 points or 0.5 percent at 1,960.10.