Stocks Remain Sharply Higher In Late Morning Trading - U.S. Commentary

(RTTNews) - Stocks continue to see significant buying interest in late morning trading on Friday. A pullback in oil prices as well as strength in the financial sector is contributing to the positive sentiment. Lehman Brothers (LEH) is sharply higher amid reports of a possible acquisition.

Airline stocks are turning in some of the best performances, helped by the more than $3 a barrel drop in oil prices. The Amex Airline Index is up 5.3 percent. Brokerage stocks are higher as well, due to the strength in Lehman Brothers, with the Amex Securities Broker/Dealer Index climbing 2.4 percent. Retail, bank and internet stocks are also showing strength.

On the other hand, most resource stocks are posting notable losses, as commodity prices drop. Gold and natural gas stocks are seeing some of the biggest declines. The Amex Gold Bugs Index is down 1.8 percent, while the Amex Natural Gas Index is falling 1.5 percent. Oil and oil service stocks are also lower.

In recent trading, the major averages have moved off of their intraday highs, although they remain firmly in positive territory. The Dow is currently up 171.07 at 11,601.28, the Nasdaq is up 23.07 at 2,403.45 and the S&P 500 is up 10.75 at 1,288.47.

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