Major Averages Pull Back Off Best Levels But Remain In Positive Territory

(RTTNews) - Stocks remain mostly positive in mid-day trading on Friday after showing a notable move to the upside earlier in the session. While buying interest has remained somewhat subdued, the markets are still extending their recent upward trend.

The strength on Wall Street partly reflects a positive reaction to the latest earnings reports, which have drawn increased attention since the end of the government shutdown.

Microsoft (MSFT) and Amazon (AMZN) are posting standout gains after reporting their quarterly results, jumping by 5.9 percent and 8 percent, respectively.

Microsoft reported first quarter adjusted earnings of $0.63 per share, ahead of the $0.54 per share consensus estimate. Revenues rose 16 percent to $18.53 billion, exceeding the $17.79 billion consensus estimate.

Amazon reported a third quarter net loss of $0.09 per share on net sales of $17.09 billion, up 24 percent year-over-year. The loss was in line, while the revenues exceeded estimates.

On the economic front, the Commerce Department released a report showing that durable goods orders rose by much more than expected, although the growth was largely due to a jump in orders for transportation equipment.

The major averages have pulled back well off their best levels of the day but are holding on to modest gains. The Dow is up 29.54 points or 0.2 percent at 15,538.75, the Nasdaq is up 10.44 points or 0.3 percent at 3,939.40 and the S&P 500 is up 3.43 points or 0.2 percent at 1,755.50.