Major Averages Clinging To Modest Gains In Mid-Day Trading

(RTTNews) - While buying interest has remained relatively subdued, stocks have moved mostly higher during trading on Friday. The gains on the day extend the recent upward move by the markets, with the Dow and the S&P 500 reaching new record highs.

Many of the major sectors are showing only modest moves, although biotechnology stocks have shown a strong move to the upside on the day. The NYSE Arca Biotechnology Index has advanced by 1.5 percent and is currently on pace to end the session at its best closing level in over a month.

BioMarin (BMRN) has helped to lead the biotech sector higher, with the biopharmaceutical company up by 7.1 percent after French regulators granted temporary authorization for sales of Vimizim for the treatment of Morquio A Syndrome.

Notable strength is also visible among networking stocks, which are regaining some ground after ending the previous session sharply lower. The NYSE Arca Networking Index is up by 1 percent, partly offsetting yesterday's 2.3 percent loss.

Telecom, steel, and banking stocks are also seeing some strength in mid-day trading, while electronic storage stocks have come under pressure on the day.

The major averages have pulled back off their best levels in recent trading but are currently clinging to modest gains. The Dow is up 41.58 points or 0.3 percent at 15,917.80, the Nasdaq is up 1.33 points or less than 0.1 percent at 3,974.07 and the S&P 500 is up 1.17 points or 0.1 percent at 1,791.79.