Stocks moved notably higher at the start of trading on Wednesday, regaining some ground after ending the previous session firmly in the red. The major averages jumped into positive territory but have not seen much follow-through on initial upward move.
The initial strength on Wall Street came as some traders looked to pick up stocks at somewhat reduced levels following the weakness that was seen on Tuesday.
Trading activity has remained relatively subdued, however, with some traders staying on the sidelines amid another quiet day on the U.S. economic front.
The economic calendar will finally pick up in the last two days of the week, with traders likely to keep a close eye on reports on retail sales, weekly jobless claims, and industrial production.
Healthcare provider stocks have shown a strong upward move in early trading, driving the Morgan Stanley Healthcare Provider Index up by 1.6 percent. The gain extends a recent rally by the index, which has risen to a record high.
Pharmaceutical, semiconductor, and software stocks are also seeing early strength, while most of the major sectors are showing more modest moves to the upside.
The major averages have pulled back off their highs for the young session but are currently holding on to notable gains. The Dow is up 74.64 points or 0.5 percent at 15,196.66, the Nasdaq is up 14.39 points or 0.4 percent at 3,451.34 and the S&P 500 is up 8.39 points or 0.5 percent at 1,634.52.
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