Russell 2000 gaining fast
The Russell 2000 (NYSE:IWM) has reversed its trajectory and is rising steeply.
At 11:00 a.m. ET, the small-cap index had added 8.09 points, or 1.16%, to 706.47. The Dow Jones Industrial Average was up 77.19 points, or 0.62%, to 12,604.45.
Small caps were in negative territory but rebounded abruptly shortly after 10 a.m. ET. The reversal came despite news of a speech by U.S. Treasury Secretary Henry Paulson that the economy has turned down.
News on the economic front is mixed, with the U.S. Labor Department reporting before the start of trading that jobless claims for the week ended April 5 fell more than expected, while the four-week moving average, considered a more stable measure, rose to its highest level in more than two years.
Companies providing school services are currently the best-performing industry group. Among the winners is small-cap Lincoln Educational Services Corp. (Nasdaq:LINC), which provides post-secondary education.
Similarly, shares of Charles Town, N.J.-based American Public Education, Inc. (Nasdaq:APEI) are also higher.
On the flip side, metal mining companies are currently the worst-performing industry group. Among the losers is Augusta Resources Corp. (AMEX:AZC), which buys and develops natural mineral resource properties. Vancouver, Canada-based PolyMet Mining Corp. (AMEX:PLM) is also seeing its stock depreciate.
