Major Averages Pull Back Off Highs But Holding On To Gains

(RTTNews) - After moving sharply higher in early trading on Friday, stocks have given back some ground but remain mostly positive. Profit taking has still pulled the major averages down off their two-month highs set earlier in the session.

Computer hardware stocks continue to turn in a strong performance on the day, with the NYSE Arca Computer Hardware Index up by 2.7 percent. The strength in the sector partly reflects optimism in reaction to recent tech earnings.

Super Micro Computer (SMCI) is posting a standout gain after the server technology company reported first quarter results that came roughly in line with analyst estimates.

Reflecting strength throughout the tech sector, internet, electronic storage, and networking stocks are also seeing considerable strength.

Pharmaceutical stocks have also moved sharply higher, driving the NYSE Arca Pharmaceutical Index up by 1.9 percent. The gain by the index comes after it bucked the uptrend seen in the previous session.

While financial and gold stocks are also seeing significant strength, notable weakness has emerged among energy and utilities stocks.

Currently, the major averages remain firmly positive, with the tech-heavy Nasdaq outperforming its counterparts. While the Nasdaq is up 88.56 points or 1.8 percent at 5,008.61, the Dow is up 88.12 points or 0.5 percent at 17,577.28 and the S&P 500 is up 14.95 points or 0.7 percent at 2,067.46.