After coming under pressure at the open, stocks have regained some ground over the course of early trading on Thursday. The major averages have bounced well off their lows for the young session, with the Nasdaq and the S&P 500 climbing into positive territory.
Currently, the major averages are turning in a mixed performance. While the Dow is down 8.36 points or 0.1 percent at 17,677.37, the Nasdaq is up 12.44 points or 0.3 percent at 4,688.16 and the S&P 500 is up 1.56 points or 0.1 percent at 2,050.28.
The initial weakness on Wall Street was partly due to renewed worries about the outlook for the global economy following the release of disappointing Chinese manufacturing data.
The results of a preliminary survey by HSBC and Markit Economics showed that Chinese manufacturing activity stagnated in November. The manufacturing purchasing managers index fell 0.4 points to 50, while economists expected a reading of 50.2.
Selling pressure waned not long after the start of trading, however, and stocks subsequently rebounded on the heels of the release of some upbeat U.S. economic data.
The National Association of Realtors released a report showing an unexpected increase in existing home sales in the month of October.
NAR said existing home sales climbed 1.5 percent to a seasonally adjusted annual rate of 5.26 million in October from an upwardly revised 5.18 million in September. Economists had expected existing home sales to edge down to 5.15 million.
Additionally, the Philadelphia Federal Reserve said its regional manufacturing index jumped to a twenty-year high in November.
Gold stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 2 percent. The strength in the sector comes despite a decrease by the price of gold.
Significant strength has also emerged among energy stocks, which are moving higher along with the price of crude oil. Most of the other major sectors are showing more modest moves.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index inched up by 0.1 percent, while Hong Kong's Hang Seng Index edged down by 0.1 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the French CAC 40 Index has tumbled by 1.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index are down by 0.5 percent and 0.4 percent, respectively.
In the bond market, treasuries have pulled back off their best levels continue to see modest strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.3 basis points at 2.338 percent.
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