RTTNews - Stocks moved modestly higher at the start of trading on Wednesday, with the major averages regaining some ground after ending the previous session sharply lower. The initial strength came as some traders looked to pick up stocks at reduced levels following yesterday's sell-off.

With Amgen (AMGN) leading the way higher on some positive drug study results, biotechnology stocks are seeing notable strength in early trading. Pharmaceutical and retail stocks are also seeing some early strength, although buying interest remains somewhat subdued.

In the past few minutes, the major averages have pulled back well off their highs for the young session, although they remain in positive territory. The Dow is currently up 23.65 at 8,187.25, the Nasdaq is up 11.06 at 1,757.23 and the S&P 500 is up 3.78 at 884.81.

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