Stocks showed a strong move to the upside at the start of trading on Wednesday, as traders have reacted positively to some relatively upbeat economic data. The major averages have all climbed into positive territory after ending the previous session mixed.
The early strength on Wall Street comes on the heels of the release of a report from payroll processor ADP showing a continued increase in private sector employment in the month of January.
Positive sentiment has also been generated by reports showing expansions in manufacturing activity in both Germany and China.
Electronic storage stocks have shown a notable upward move in early trading, with Seagate Technology (STX) leading the sector higher after the hard drive maker reported better than expected second quarter results. Shares of Seagate have jumped by 15.3 percent.
Health insurance, railroad, chemical, and banking stocks are also seeing early strength, moving higher along with most of the major sectors.
The major averages have pulled back off their highs for the young session in the past few minutes but remain firmly positive. The Dow is up 100.32 points or 0.8 percent at 12,733.23, the Nasdaq is up 14.51 points or 0.5 percent at 2,828.35 and the S&P 500 is up 9.54 points or 0.7 percent at 1,321.95.
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