Major Averages Climb Firmly Into Positive Territory In Early Trading

(RTTNews) - Stocks have moved mostly higher in early trading on Friday, extending the upward move seen over the course of the previous session. The major averages have climbed firmly into positive territory, with the S&P 500 reaching a new record intraday high.

The early strength on Wall Street comes following the release of a slew of U.S. economic data, including a report showing an unexpected acceleration in the pace of Chicago-area business activity.

The report from MNI Indicators said the Chicago Business Barometer ticked up to 59.8 in February from 59.6 in January, with a reading above 50 indicating growth in Chicago-area business activity. Economists had expected the barometer to drop to 56.4.

Separate reports showed modest increases in consumer sentiment and pending home sales, while traders have largely shrugged off a disappointing fourth quarter GDP report as old news.

Railroad, computer hardware, and software stocks are seeing early strength, although buying interest has remained somewhat subdued.

The major averages have pulled back off their highs for the young session but are currently holding on to strong gains. The Dow is up 82.46 points or 0.5 percent at 16,355.11, the Nasdaq is up 18.21 points or 0.4 percent at 4,337.14 and the S&P 500 is up 8.85 points or 0.5 percent at 1,863.14.