Small caps rising strong
The Russell 2000 (NYSE:IWM) has surprisingly zoomed ahead. At 1:19 p.m. ET, the small-cap index had added 3.57 points, or 0.52%, to 691.73. The Dow Jones Industrial Average was up 19.22 points, or 0.16%, to 12,344.64.
Small-cap stocks abruptly moved into the green at around 12:30 p.m. ET, with no apparent reason explaining the sudden spike. The index was in negative territory for most of the morning.
The major bearish news came before the start of trading when Wachovia Corp. (NYSE:WB) reported that it swung to a first-quarter loss, adding that it will sell common and preferred stock to raise capital.
There was also bullish news, coming in the form of a report by the U.S. Census Bureau before the opening that retail sales unexpectedly rose 0.2% in March. However, investors were not impressed because the increase was largely due to a jump in sales at gasoline stations.
Oil well services and equipment companies are currently the best performing industry group. Among the winners is small-cap Natural Gas Services Group, Inc. (AMEX:NGS), which provides horsepower compression equipment to the U.S. natural gas industry.
Similarly, shares of Norwalk, Conn.-based Bolt Technology Corp. (Nasdaq:BOLT), which makes geophysical equipment and industrial products, are also higher.
