U.S. Stocks Move Back To The Upside Amid Light Holiday Trading

Stocks have moved mostly higher during trading on Friday, regaining ground following the pullback seen during Wednesday’s session. The major averages have all moved to the upside, with the S&P 500 reaching a new record intraday high.

Currently, the major averages are just off their highs of the session. The Dow is up 160.93 points or 0.4 percent at 44,882.99, the Nasdaq is up 123.23 points or 0.7 percent at 19,183.71 and the S&P 500 is up 28.26 points or 0.5 percent at 6,027.00.

The strength on Wall Street comes as some traders look to pick up stocks at relatively reduced levels following pullback seen on Wednesday.

Semiconductor stocks have helped lead the rebound, with the Philadelphia Semiconductor Index surging by 2.3 percent after hitting its lowest intraday level in over two months in the previous session.

The strength in the sector comes as semiconductor equipment makers are jumping after a report from Bloomberg said the Biden administration is weighing curbs on sales of semiconductor equipment and AI memory chips to China that stop short of stricter measures previously considered.

Gold stocks are also seeing some strength amid an increase by the price of the precious metal, while most of the other major sectors are showing more modest moves.

Some traders remain away from their desks following the Thanksgiving Day holiday on Thursday and ahead of the early close for the markets this afternoon.

A lack of major U.S. economic data may also be keeping traders on the sidelines ahead of the release of several closely watched reports next week.

The Labor Department’s monthly jobs report is likely to be in focus next week, while traders are also likely to keep an eye on reports on manufacturing and service sector activity.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index fell by 0.4 percent, while China’s Shanghai Composite Index advanced by 0.9 percent.

The major European markets have also turned mixed on the day. While the U.K.’s FTSE 100 Index is down by 0.2 percent, the French CAC 40 Index is up by 0.3 percent and the German DAX Index is up by 0.6 percent.

In the bond market, treasuries are extending the upward move seen during Wednesday’s session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.9 basis points at 4.213 percent.