India, Jan. 17 -- Stocks have moved modestly higher in morning trading on Friday, extending the rally seen over the course of the previous session. With the uptick on the day, the major averages have once again reached new record intraday highs.

Currently, the major averages are holding on to slim gains. The Dow is up 63.23 points or 0.2 percent at 29,360.87, the Nasdaq is up 13.46 points or 0.1 percent at 9,370.59 and the S&P 500 is up 7.89 points or 0.2 percent at 3,324.70.

The continued strength on Wall Street has been widely attributed to Chinese GDP data even though the latest report showed China's economy grew at the slowest pace since 1990.

The report from China's National Bureau of Statistics said Chinese GDP grew by 6.1 percen...