Stocks have moved modestly higher in early trading on Wednesday, adding to the slim gains posted in the previous session. The major averages have all climbed into positive territory, although buying interest has remained relatively subdued.
The early strength on Wall Street reflects optimism ahead of Federal Reserve Chairman Ben Bernanke's highly-anticipated testimony before the Joint Economic Committee of Congress.
While Fed officials have recently delivered mixed remarks regarding the outlook for the central bank's asset purchase program, Bernanke is expected to offer support for leaving monetary policy unchanged in the near future.
Housing stocks are seeing considerable strength in early trading, resulting in a 1.9 percent gain by the Philadelphia Housing Sector Index. Luxury homebuilder Toll Brothers (TOL) is leading the sector higher after reporting much stronger than expected second quarter earnings growth.
Significant strength has also emerged among gold stocks, which are benefiting from an increase by the price of the precious metal. With gold for June delivery climbing $10.40 to $1,388 an ounce, the NYSE Arca Gold Bugs Index is up by 1.9 percent.
Pharmaceutical, healthcare provider, and biotechnology stocks are also seeing early strength, while most of the other major sectors are showing more modest moves.
The major averages have seen some further upside in recent trading, reaching new highs for the young session. The Dow is up 43.33 points or 0.3 percent at 15,430.91, the Nasdaq is up 8.15 points or 0.2 percent at 3,510.27 and the S&P 500 is up 4.90 points or 0.3 percent at 1,674.06.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.