With traders reacting positively to the latest batch of economic data, stocks have shown a strong upward move over the course of morning trading on Wednesday. The major averages have climbed firmly into positive territory, with the Nasdaq reaching its best intraday level in over six months.
The 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. The report showed that private sector employment increased by 170,000 jobs in January.
A separate report from the Institute for Supply Management showed a continued expansion in the U.S. manufacturing sector, with the release of the data coming after separate reports also showed expansions in manufacturing activity in both Germany and China.
Electronic storage stocks continue to turn in some of the market's best performances, with the NYSE Arca Disk Drive Index up by 6.6 percent. Seagate Technology (STX) is leading the sector higher after the hard drive maker reported better than expected second quarter results.
Significant strength is also visible among banking stocks, as reflected by the 2.2 percent gain being posted by the KBW Bank Index. Financial giants Citigroup (C) and Bank of America (BAC) are posting notable gains.
Steel, health insurance, semiconductor, and defense stocks have also shown strong moves to the upside amid broad based buying interest.
The major averages are currently posting substantial gains, just off their highs for the session. The Dow is up 141.00 points or 1.1 percent at 12,773.91, the Nasdaq is up 28.09 points or 1 percent at 2,841.93 and the S&P 500 I sup 14.13 points or 1.1 percent at 1,326.54.
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