Stocks Off Session Highs in Mid-Day Trading
Stocks pared some of their initial gains in mid-day trading as better than expected nonfarm payrolls data for the month of June raised prospects of an early end to Federal Reserve’s bond purchase program.
All three major indexes initially rose sharply as data released by the Labor Department showed that the U.S. economy added 195,000 jobs in June. However, stocks pared their gains, briefly slipping into red territory, as the strong labor market data raised the possibility of an early end to QE3.
At last check, the Dow Jones was trading 0.13% higher at 15,007.74, the S&P 500 was trading 0.30% higher at 1,620.19, and the Nasdaq was trading 0.40% higher at 3,457.43.
Industrials and Healthcare sectors are leading the gains in the S&P 500 in mid-day trading. At last check, both sectors were up 0.42%. Financials are currently trading 0.34% higher. Utilities have been the worst performers in the S&P 500 today. At last check, the sector was trading 1.06% lower. Basic Materials sector is currently down 0.97%.
Among the major movers in mid-day trading are SunPower Corporation (NASDAQ: SPWR), which is currently trading 8.48% higher at $24.04, ARMOUR Residential REIT Inc. (NYSE: ARR), which is currently trading 9.11% lower at $4.19, Nokia Corporation (ADR) (NYSE: NOK), which is currently trading 2.54% higher at $4.03, Apple Inc. (NASDAQ: AAPL), which is currently trading 0.65% lower at $418.05, and Bank of America Corporation (NYSE: BAC), which is currently trading 1.60% higher at $13.03.