After turning in a lackluster performance in the previous session, stocks are seeing considerable strength in mid-afternoon trading on Wednesday. The major averages have climbed firmly into positive territory after ending Tuesday's trading mixed.
The markets are benefiting from a positive reaction to the latest batch of U.S. economic data, including reports showing continued private sector job growth as well as a continued expansion in the manufacturing sector.
With Seagate Technology (STX) leading the way higher after reporting better than expected second quarter results, electronic storage stocks continue to see significant strength on the day. The NYSE Arca Disk Drive Index has surged up by 6.4 percent to a six-month intraday high.
Health insurance stocks have also shown a substantial move to the upside on the day, driving the Morgan Stanley Healthcare Payor Index up by 3.1 percent. With the gain, the index has risen to a record high.
Steel, biotechnology, semiconductor, and financial stocks are also posting notable gains, moving to the upside along with most of the major sectors amid broad based buying interest.
The major averages have pulled back off their highs for the session in recent trading but continue to post standout gains. The Dow is up 123.52 points or 1 percent at 12,756.43, the Nasdaq is up 36.71 points or 1.3 percent at 2,850.55 and the S&P 500 is up 15.14 points or 1.2 percent at 1,327.55.
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