Major Averages Pull Back Off Highs But Remain Firmly Positive

(RTTNews) - With traders reacting positively to the European Central Bank's monetary policy announcement, stocks are mostly higher in mid-day trading on Thursday. The markets are extending the upward move seen over the three previous sessions.

Extending a recent recovery, banking stocks are seeing considerable strength in mid-day trading. The Dow Jones Banks Index has surged up by 2.3 percent, climbing further off the three-month closing low it set last Thursday.

KeyCorp (KEY) has helped to lead the banking sector higher, jumping by 5.7 percent after reporting better than expected fourth quarter earnings.

Transportation stocks are also turning in a strong performance on the day, as reflected by the 2 percent gain being posted by the Dow Jones Transportation Average.

Within the transportation sector, Southwest Airlines (LUV), Union Pacific (UNP), and United Continental (UAL) are posting notable gains after reporting their quarterly results.

Computer hardware, internet, and retail stocks are also seeing considerable strength, while weakness is visible among energy and networking stocks.

The major averages have pulled back off their highs for the session in recent trading but remain firmly positive. The Dow is up 111.35 points or 0.6 percent at 17,665.63, the Nasdaq is up 40.27 points or 0.9 percent at 4,707.69 and the S&P 500 is up 13.15 points or 0.7 percent at 2,045.27.