Stocks remain mostly higher in mid-afternoon trading on Wednesday after showing a strong move to the upside over the course of the morning. The major averages are hovering in positive territory, adding to the gains posted in the previous session.
Much of the strength on Wall Street stems from the release of some relatively upbeat economic data, with traders reacting positively to separate reports showing bigger than expected increases in durable goods orders and pending home sales.
Energy stocks have moved sharply higher on the day, with natural gas stocks posting particularly strong gains. The NYSE Arca Natural Gas Index has surged up by 3.1 percent, moving toward the high end of a recent trading range.
Significant strength also remains visible among housing stocks, which have benefited from the better than expected pending home sales data. Reflecting the strength in the housing sector, the Philadelphia Housing Sector Index is up by 2.1 percent after reaching a one-month intraday high.
Healthcare provider, financial, biotech, and computer hardware stocks have also shown strong moves to the upside, reflecting broad based buying interest.
The major averages have given back some ground in recent trading but are holding on to notable gains. The Dow is up 79.43 points or 0.6 percent at 12,614.10, the Nasdaq is up 15.85 points or 0.6 percent at 2,869.91 and the S&P 500 is up 9.93 points or 0.8 percent at 1,329.92.
by RTT Staff Writer
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