Stocks Adding To Recent Gains In Early Trading - U.S. Commentary

(RTTNews) - Following yesterday's Thanksgiving Day holiday, stocks have moved mostly higher in early trading on Friday. The major averages have all climbed into positive territory, extending the upward trend seen over the past few sessions.

The major averages have moved roughly sideways in recent trading, hovering near their highs for the young session. The Dow is up 46.17 points or 0.3 percent at 16,143.50, the Nasdaq is up 13.99 points or 0.4 percent at 3,058.74 and the S&P 500 is up 3.68 points or 0.2 percent at 1,810.91.

The early strength on Wall Street reflects the recent upward momentum for the markets, which has lifted the Dow and the S&P 500 to record highs. The Nasdaq has also climbed above 4,000, reaching its best levels since 2000.

Trading activity remains somewhat subdued, however, with a lack of major U.S. economic data keeping investors on the sidelines. Some traders also remain away from their desks, as the U.S. stock markets will only be open for a half-day of trading.

Gold stocks have shown a strong move to the upside in early trading, driving the NYSE Arca Gold Bugs Index up by 1.6 percent. The index is climbing further off the five-year closing low set on Tuesday.

The strength among gold stocks comes amid an increase by the price of the precious metal, with gold for February delivery climbing $13.60 to $1,251.50 an ounce.

Significant strength has also emerged among steel stocks, as reflected by the 1.5 percent gain being posted by the NYSE Arca Steel Index. Most of the other major sectors are showing only modest moves.

Among individual stocks, shares of Archer Daniels Midland (ADM) have moved to the downside after the Australian Federal Treasurer issued an order prohibiting the agriculture company's proposed acquisition of GrainCorp Ltd. ADM already owns a nearly 20 percent stake in GrainCorp.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index fell by 0.4 percent, while Hong Kong's Hang Seng Index rose by 0.4 percent.

Meanwhile, the major European markets have all moved modestly higher on the day. While the French CAC 40 Index has edged up by 0.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.3 percent.

In the bond market, treasuries have moved to the downside, extending the downward move seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.3 basis points at 2.759 percent.