Dow And S&P 500 Posting Moderate Gains In Mid-Day Trading

(RTTNews) - While trading activity has remained somewhat subdued, stocks have moved mostly higher during trading on Friday. The markets are extending the upward move seen in the previous session, with the S&P 500 reaching a new record intraday high.

Oil service stocks are seeing significant strength in mid-day trading, with the Philadelphia Oil Service Index rising by 1.6 percent. With the gain, the index has reached a four-month intraday high.

The strength among oil service stocks amid a notable increase by the price of crude oil, as crude for May delivery is climbing $1.14 to $100.04 a barrel.

Considerable strength also remains visible among utilities stocks, as reflected by the 1.5 percent gain being posted by the Dow Jones Utilities Average. Exelon (EXC) has helped to lead the sector higher following an upgrade by Credit Suisse.

Steel, commercial real estate and computer hardware stocks have also shown strong moves to the upside, while biotechnology stocks have come under pressure on the day.

Despite the moderate strength in the markets, the tech-heavy Nasdaq is posting a modest loss. The Nasdaq is down 4.18 points or 0.1 percent at 4,315.10, while the Dow is up 91.16 points or 0.6 percent at 16,422.21 and the S&P 500 is up 8.61 points or 0.5 percent at 1,880.62.