U.S. Stocks Move Mostly Higher After Experiencing Choppy Trading Early On

(RTTNews) - After showing a lack of direction earlier in the session, stocks have moved mostly higher over the course of the trading day on Friday. The major averages have all climbed more firmly into positive territory after bouncing back and forth across the unchanged line.

Currently, the major averages are just off their highs of the session. The Dow is up 118.44 points or 0.3 percent at 39,564.93, the Nasdaq is up 119.80 points or 0.7 percent at 16,779.82 and the S&P 500 is up 34.37 points or 0.7 percent at 5,353.68.

The strength that has emerged on Wall Street comes as stocks continue to recover from recent selling sparked by concerns about the outlook for the U.S. economy.

With the upward move seen over the course of the session, the Nasdaq and the S&P 500 have offset the steep losses posted on Monday.

However, the major averages still remain well off their recent highs after also moving sharply lower last Thursday and Friday.

Traders may be reluctant to make more significant moves amid a lack of major U.S. economic on the day ahead of the release of several key reports next week.

Key inflation data is likely to be in the spotlight next week, although reports on retail sales and industrial production may also drive trading amid recent concerns about the outlook for the economy.

Among individual stocks, shares of Expedia (EXPE) are moving sharply higher after the travel technology company reported better than expected second quarter results.

Cloud computing company Akamai Technologies (AKAM) is also seeing significant strength after reporting second quarter results that beat estimates and raising its full-year guidance.

On the other hand, shares of e.l.f. Beauty (ELF) have come under pressure even though the company reported better than expected fiscal first quarter results.

Sector News

Pharmaceutical stocks have shown a strong move to the upside on the day, driving the NYSE Arca Pharmaceutical Index up by 2.0 percent.

Significant strength has also emerged among software stocks, as reflected by the 1.3 percent gain being posted by the Dow Jones U.S. Software Index.

Brokerage, gold and retail stocks are also seeing notable strength, while most of the other major sectors continue to show more modest moves.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index climbed by 0.6 percent, while Hong Kong's Hang Seng Index shot up by 1.2 percent.

The major European markets also moved to the upside on the day. While the German DAX Index edged up by 0.2 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both rose by 0.3 percent.

In the bond market, treasuries are regaining ground after trending lower 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 5.3 basis points at 3.944 percent.