Stocks stepped quietly into positive territory Friday morning, with a lift from earnings reports and some May economic data.
The Dow Jones industrial average led with a 0.3% gain. The Nasdaq held a 0.2% gain and the S&P 500 was up 0.1%. Volume warmed slightly from early lows, but remained below Thursday's levels, down 4% on the NYSE and off 14% on the Nasdaq.
Weak personal income and spending numbers for April generated some early drag on the stock market today. But better-than-forecast Chicago PMI and Consumer confidence indexes for May provided some countervailing lift, helping markets turn positive in mid-morning trade.
The morning's advance was reasonably well balanced, with just over half of the 197 industry groups tracked by IBD gaining ground before noon.
Earnings remained a significant, positive influence on morning action. OmniVision Technologies (OVTI) remained up 20%, Krispy Kreme Doughnuts (KKD) was up 17% and Guess (GES) defended an 11% gain, all on quarterly results.
Hospital stocks popped in morning trade. Health Management Associates (HMA) led, jumping 7% in huge trade. The move lifted shares just above a 13.72 buy point in an eight-week cup base. Peer Community Health System (CYS) rose 5%.
Clothing retailer Gap (GPS) climbed 3% in moderate trade. News reports Thursday said the 3,000-store chain, including the Gap, Old Navy and Banana Republic brands, was upgrading its legacy computer network to a more comprehensive, cloud-based system. The stock is trading just below a 41.96 buy point in a three-weeks tight pattern.
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