Stocks moved higher at the start of trading on Friday, with the major averages extending the upward move that was seen late in the previous session. A positive reaction to the latest batch of earnings news contributed to the initial upward move.

Oil service stocks are seeing considerable strength in early trading, benefiting from an increase in the price of oil as well as better than expected earnings from Schlumberger (SLB). Significant early strength is also visible among gold, networking, and steel stocks.

In the past few minutes, the major averages have pulled back off their highs for the young session, although they remain firmly positive. The Dow is currently up 52.80 at 8,008.86, the Nasdaq is up 8.51 at 1,660.72 and the S&P 500 is up 6.06 at 857.98.

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