Major Averages Posting Modest Gains In Early Trading

(RTTNews) - Stocks have moved modestly higher in early trading on Wednesday, regaining some ground following the pullback seen in the previous session. The major averages have all moved to the upside, although the Dow and the S&P 500 remain below their record highs.

The modest strength on Wall Street may partly reflect some window dressing on the final trading day of the year, although buying interest has remained relatively subdued.

Many traders are likely to remain on the sidelines on the day ahead of tonight's New Year's Eve festivities and the New Year's Day holiday on Thursday.

Biotechnology stocks have shown a strong move to the upside in early trading, driving the NYSE Arca Biotechnology Index up by 1.6 percent. ImmunoGen (IMGN) and Nektar Therapeutics (NKTR) are posting notable gains.

Early strength has also emerged among airline stocks, as reflected by the 1.5 percent gain being posted by the NYSE Arca Airline Index. The gain has lifted the index to a new twelve-year high.

Meanwhile, oil service stocks have come under pressure along with the price of crude oil. With crude for February delivery sliding $1.11 to $53.01 a barrel, the Philadelphia Oil Service Index is down by 1.1 percent.

Currently, the major averages are posting slim gains, near their highs for the young session. The Dow is up 39.76 points or 0.2 percent at 18,022.83, the Nasdaq is up 17.53 points or 0.4 percent at 4,794.97 and the S&P 500 is up 3.20 points or 0.2 percent at 2,083.55.