Major Averages Holding On To Substantial Gains In Mid-Day Trading

(RTTNews) - Stocks continue to see substantial strength in mid-day trading on Thursday, extending the rally seen in the previous session. The gains on the day have further offset the recent pullback by the markets, with the Dow turning positive for the New Year.

Once again, the markets are experiencing broad based buying interest, resulting in significant strength in most of the major sectors.

Semiconductor stocks are turning in some of the market's best performances on the day, driving the Philadelphia Semiconductor Index up by 2.8 percent. The index continues to regain ground after ending Tuesday's trading at its lowest closing level in well over a month.

Within the semiconductor sector, Marvell Technology (MRVL), Freescale Semiconductor (FSL), and Micron Technology (MU) are posting standout gains.

Considerable strength has also emerged among trucking stocks, as reflected by the 2.7 percent gain being posted by the Dow Jones Trucking Index. The gain by the index comes after it ended the previous session at a two-month closing low.

Energy, computer hardware, chemical, and housing stocks are also seeing notable strength, with the Philadelphia Housing Sector Index jumping to a seven-year high.

The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory. The Dow is up 287.85 points or 1.6 percent at 17,872.37, the Nasdaq is up 80.09 points or 1.7 percent at 4,730.55 and the S&P 500 is up 32.79 points or 1.6 percent at 2,058.69.