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01/11/2017 10:48:56 AM
01/11/2017 10:48:56 AM UTC-0500

Stocks Moving Mostly Higher In Morning Trading - U.S. Commentary


(RTTNews) - Stocks have moved mostly higher over the course of morning trading on Wednesday after closing mixed for two consecutive sessions. The major averages have all moved to the upside, although buying interest has remained somewhat subdued.

Currently, the major averages are just off their highs of the session. The Dow is up 103.34 points or 0.5 percent at 19,958.87, the Nasdaq is up 9.72 points or 0.2 percent at 5,561.53 and the S&P 500 is up 5.32 points or 0.2 percent at 2,274.22.

The strength on Wall Street comes despite a lack of major catalysts, with stocks likely benefiting from recent upward momentum.

The tech-heavy Nasdaq is moving higher for the seventh consecutive session, while the Dow continues to encounter resistance near the 20,000 level.

Traders are likely to keep an eye on a press conference by President-elect Donald Trump scheduled to begin at 11 am ET.

Ahead of the press conference, the World Bank said Trump's proposed tax cuts and spending plans could boost U.S. and global growth but noted uncertainty about his trade policies adds to risks.

The press conference, Trump's first since late July, comes amid reports that the Russian government has collected compromising information about the incoming president.

Trump blasted the reports in a series of posts on Twitter, calling the news "fake" and accusing "crooked opponents" of trying to belittle his victory.

Oil service stocks are seeing significant strength on the day, regaining some ground after pulling back sharply in the two previous sessions. Reflecting the strength in the sector, the Philadelphia Oil Service Index is up by 1.4 percent.

Considerable strength is also visible among railroad stocks, while gold stocks have come under pressure amid a decrease by the price of the precious metal.

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Wednesday. Japan's Nikkei 225 Index rose by 0.3 percent, while China's Shanghai Composite Index slid by 0.8 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index has risen by 0.4 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.7 percent.

In the bond market, treasuries continue to show a lack of direction after ending the previous session nearly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.383 percent.

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