Stocks have moved mostly higher over the course of the trading day on Wednesday, although buying interest has remained somewhat subdued amid lingering uncertainty about the financial situation in Europe. The major averages continue to turn in a mixed performance on the day.
While the Nasdaq and the S&P 500 have climbed more firmly into positive territory, the narrower Dow remains in the red. The Dow is down 18.96 points or 0.2 percent at 12,859.32, while the Nasdaq is up 26.11 points or 0.9 percent at 2,957.94 and the S&P 500 is up 4.99 points or 0.4 percent at 1,355.49.
Remarks from Chinese officials have contributed to the generally positive sentiment on Wall Street, with China's Premier Wen Jiabao saying his country will continue to invest in European government debt to help resolve the debt crisis.
People's Bank of China Governor Zhou Xiaochuan echoed the remarks made by Wen and expressed confidence that the challenges faced by Europe can be resolved.
However, traders continue to keep a close eye on the latest developments in Greece amid indications that the second bailout for the debt-plagued nation will be delayed.
In U.S. economic news, the New York Federal Reserve released a report showing that regional manufacturing activity continued to expand in the month of February, with the index of activity in the sector rising to its highest level in more than a year.
The New York Fed said its general business conditions index rose to 19.5 in February from 13.5 in January, with a positive reading indicating an increase in regional manufacturing activity. Economists had expected the index to edge up to a reading of 14.8.
A separate report from the Federal Reserve showed that U.S. industrial production came in unchanged in January, as an increase in manufacturing output was offset by declines in mining and utilities output.
The National Association of Home Builders also released a report showing that homebuilder confidence increased for the fifth consecutive month in February, with the index of homebuilder confidence jumping to its highest level in more than four years.
Among individual stocks, shares of Kellogg (K) are up by 5.4 percent after the cereal maker announced that it has entered into an agreement to acquire Procter & Gamble's (PG) Pringles business for $2.7 billion in cash. At its high for the session, Kellogg was at a three-month intraday high.
Life insurer MetLife (MET) is also trading higher after reporting fourth quarter operating earnings that came in ahead of estimates.
Sector News
Despite the mixed performance by the major averages, health insurance stocks have shown a strong move to the upside on the day. Reflecting the strength in the health insurance sector, the Morgan Stanley Healthcare Payor Index has surged up by 2.1 percent to a record closing high.
WellCare (WCG) is leading the health insurance sector higher after reporting much better than expected fourth quarter earnings and forecasting 2012 earnings above analyst estimates. Shares of WellCare are up by 10.6 percent after reaching their best intraday level in over four years.
Technology stocks are also seeing considerable strength in mid-day trading, with networking, electronic storage, and semiconductor stocks posting notable gains. The gains by tech stocks have contributed to the strong upward move by the tech-heavy Nasdaq.
Significant strength is also visible among natural gas and gold stocks, while railroad, steel, and trucking stocks are seeing moderate weakness on the day.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region showed strong moves to the upside during trading on Wednesday. Japan's Nikkei 225 Index surged up by 2.3 percent, while Hong Kong's Hang Seng Index jumped 2.1 percent.
Meanwhile, the major European markets turned mixed over the course of the trading day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both ended the day up by 0.4 percent.
In the bond market, treasuries have shown a lack of direction on the day, unable to sustain any significant moves. The yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 1.928 percent.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.