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Stocks Move Mostly Higher In Reaction To Earnings News - US Commentary(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - 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. 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% at 16,766.92, the Nasdaq is up 17.11 points or 0.4% at 4,469.90 and the S&P 500 is up 9.28 points or 0.5% at 1,960.10. The strength that has emerged on Wall Street partly reflects a positive reaction to earnings news from big-name companies such as Microsoft (MSFT) and Procter & Gamble (PG). Shares of Microsoft have surged up by 1.6% after the software giant reported fiscal first quarter results that beat expectations. Consumer products giant P&G has also jumped by 3% after reporting fiscal first quarter results that came in line with analyst estimates. The company also said it is exiting its Duracell battery business On the other hand, shares of Amazon are tumbling by 7.2 after the online retailer reported third quarter results that trailed expectations and issued below consensus revenue guidance for the fourth quarter. Traders are also digesting news that a patient at a New York City hospital has tested positive for Ebola, the fourth person diagnosed with the virus in the US The patient, identified as Craig Spencer, is a doctor who recently returned to the country after treating Ebola patients in West Africa. Meanwhile, the Commerce Department released a report showing that US new home sales ticked higher in September but from a significantly downwardly revised level in August. The report said new home sales inched up 0.2% to an annual rate of 467,000 in September from the revised August rate of 466,000. Economists had been expecting new home sales to drop to a rate of 460,000 from the 504,000 originally reported for the previous month. Sector News 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%. 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% and 6%, respectively. Considerable has also emerged among biotechnology stocks, as reflected by the 1.2% 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. Other Markets In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Friday. Japan's Nikkei 225 Index jumped by 1%, while Hong Kong's Hang Seng Index edged down by 0.1%. Meanwhile, the major European markets all moved to the downside on the day. While the UK's FTSE 100 Index fell by 0.5%, the French CAC 40 Index and the German DAX Index both dropped by 0.7%. In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 2.273%. Copyright RTT News/dpa-AFX |