After moving to the upside early in the session, stocks are seeing continued strength in mid-day trading on Thursday. With the upward move on the day, the major averages have once again reached new record intraday highs.
Currently, the major averages continue to hover in positive territory. The Dow is up 62.45 points or 0.3 percent at 21,773.46, the Nasdaq is up 32.75 points or 0.5 percent at 6,455.50 and the S&P 500 is up 4.66 points or 0.2 percent at 2,482.49.
The strength on Wall Street partly reflects a positive reaction to the latest batch of earnings news from several big-name companies.
Shares of Verizon (VZ) have shown a strong move to the upside after the telecom giant reported second quarter earnings that matched analyst estimates on better than expected revenues.
Social media giant Facebook (FB) is also seeing considerable strength after reporting second quarter results that beat analyst estimates on both the top and bottom lines.
Gilead Sciences (GILD), PayPal (PYPL) and Comcast (CMCSA) have also moved to the upside after reporting quarterly results.
On the other hand, shares of Twitter (TWTR) have come under pressure after the company reported better than expected second quarter results but flat user numbers.
Buying interest has also been generated in reaction to a report from the Commerce Department showing a substantial increase in durable goods orders in the month of June.
The Commerce Department said durable goods orders spiked by 6.5 percent in June after edging down by a revised 0.1 percent in May.
Economists had expected durable goods orders to surge up by 3.0 percent compared to the 1.1 percent drop originally reported for the previous month.
Excluding a jump in orders for transportation equipment, durable goods orders edged up by 0.2 percent in June after climbing by 0.6 percent in May. Ex-transportation orders had been expected to rise by 0.4 percent.
Meanwhile, a separate report from the Labor Department showed that initial jobless claims rose by…