Major Averages Posting Modest Gains In Early Trading

(RTTNews) - Stocks have moved modestly higher in early trading on Thursday, extending the upward trend seen in recent sessions. The major averages have all climbed into positive territory, with the Dow and the S&P 500 reaching new record highs.

Optimism about the outlook for the economy has contributed to the continued strength on Wall Street following the release of a report from the Labor Department showing a steep drop in weekly jobless claims in the week ended December 21st.

The data adds to a recent string of positive reports that have generated optimism that the economic momentum is strong enough to withstand the Federal Reserve's recently announced decision to begin scaling back its stimulus program.

Gold stocks have shown a strong move to the upside in early trading, moving higher along with the price of the precious metal. With gold for February delivery climbing $11.10 to $1,214.40 an ounce, the NYSE Arca Gold Bugs Index is up by 1.8 percent.

Housing, defense, and commercial real estate stocks are also seeing early strength, while most of the other major sectors are showing more modest moves.

Currently, the major averages are posting moderate gains, near their highs for the young session. The Dow is up 56.51 points or 0.4 percent at 16,414.06, the Nasdaq is up 9.96 points or 0.2 percent at 4,165.38 and the S&P 500 is up 4.70 points or 0.3 percent at 1,838.02.