U.S. Stocks Seeing Modest Strength In Mid-Day Trading

(RTTNews) – Stocks have moved modestly higher over the course of the trading session on Wednesday following the mixed performance seen in the previous session. With the upward move, the Nasdaq and the S&P 500 have reached new record intraday highs.

Currently, the major averages are off their best levels of the day but still in positive territory. The Dow is up 57.03 points or 0.2 percent at 27,835.10, the Nasdaq is up 31.80 points or 0.3 percent at 11,242.64 and the S&P 500 is up 6.32 points or 0.2 percent at 3,396.10.

The strength on Wall Street partly reflects positive sentiment generated by a notable advance by shares of Apple (AAPL).

Apple is currently up by 1.1 percent, with the tech giant becoming the first U.S. company to reach a market cap of $2 trillion.

Retail giant Target (TGT) is also posting a substantial gain on the day after reporting much better than expected fiscal second quarter results.

Airline stocks have shown a significant move to the upside on the day, driving the NYSE Arca Airline Index up by 1.7 percent.

Significant strength is also visible among brokerage stocks, as reflected by the 1.1 percent gain being posted by the NYSE Arca Broker/Dealer Index.

On the other hand, gold stocks have moved sharply lower along with the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 2.4 percent.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index rose by 0.3 percent, while China’s Shanghai Composite Index tumbled by 1.2 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the French CAC 40 Index advanced by 0.8 percent, the German DAX Index and the U.K.’s FTSE 100 Index climbed by 0.7 percent and 0.6 percent, respectively.

In the bond market, treasuries are extending the upward trend seen over the past few sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by nearly a basis point at 0.661 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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