Major Averages Posting Modest Gains In Early Trading

(RTTNews) - Stocks have moved modestly higher in early trading on Friday, regaining some ground after seeing significant weakness in the previous session. The major averages have all moved to the upside but remain well off their recent highs.

The early strength on Wall Street comes as traders are picking up stocks at somewhat reduced levels following yesterday's pullback.

Trading activity remains relatively subdued, however, with a winter storm in the Northeast keeping many traders away from their desks on the final day of this holiday-interrupted week.

A lack of major U.S. economic data is also keeping traders on the sidelines, although comments from several Federal Reserve officials may attract some attention.

While many of the major sectors are showing only modest moves, considerable strength is visible among airline stocks. The NYSE Arca Airline Index has advanced by 1.7 percent, reaching its best intraday level in almost a month.

Railroad and housing stocks are also seeing some early strength, while telecom stocks are extending the downward move seen on Thursday.

The major averages have pulled back off their highs for the young session but are currently holding on to modest gains. The Dow is up 49.19 points or 0.3 percent at 16,490.54, the Nasdaq is up 5.26 points or 0.1 percent at 4,148.33 and the S&P 500 is up 4.02 points or 0.2 percent at 1,836.00.