Major Averages Posting Moderate Gains In Mid-Day Trading

(RTTNews) - While buying interest has remained somewhat subdued, stocks are seeing some strength in mid-day trading on Friday. The gains on the day are partly offsetting recent weakness, with the major averages moving higher following five straight losing sessions.

Gold stocks are seeing considerable strength on the day, driving the NYSE Arca Gold Bugs Index up by 3.5 percent. The gain extends a recent upward move by the index, which has reached its best intraday level in over three months.

The strength among gold stocks comes amid a notable increase by the price of the precious metal, with gold for February delivery climbing $14.20 to $1,279 an ounce.

Significant strength is also visible among oil service stocks, which are moving higher along with the price of crude oil. The Philadelphia Oil Service Index is jumping by 2.9 percent after ending the previous session at its worst closing level in over three years.

The rebound by the price of crude oil has also contributed to strength among other energy stocks, while steel and housing stocks are also showing notable moves to the upside.

Currently, the major averages are holding on to moderate gains. The Dow is up 35.45 points or 0.2 percent at 17,356.16, the Nasdaq is up 22.57 points or 0.5 percent at 4,593.39 and the S&P 500 is up 8.65 points or 0.4 percent at 2,001.32.