Stocks have moved mostly higher in early trading on Wednesday, regaining some ground after falling sharply in the previous session. The major averages have all moved to the upside, with the Dow bouncing off a two-month closing low.
The early strength on Wall Street is partly due to a positive reaction to the release of quarterly results from Alcoa (AA), which kicked off the earnings season after the close of trading on Tuesday. The aluminum giant reported an unexpected first quarter profit.
Housing stocks have shown a substantial upward move after turning in some of the market's worst performances in the previous session. The Philadelphia Housing Sector Index is up by 2.1 percent after tumbling by 3.9 percent on Tuesday.
Significant strength has also emerged among steel stocks, as reflected by the 2.1 percent gain being posted by the NYSE Arca Steel Index. ArcelorMittal (MT), U.S. Steel (X), and AK Steel (AKS) are posting strong gains.
Healthcare provider, networking, and oil service stocks are also seeing early strength, moving to the upside along with most of the major sectors.
The major averages have pulled back off their highs for the young session but remain firmly positive. The Dow is up 97.64 points or 0.8 percent at 12,813.57, the Nasdaq is up 25.48 points or 0.9 percent at 3,016.70 and the S&P 500 is up 12.54 points or 0.9 percent at 1,371.13.
by RTT Staff Writer
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