RTTNews - Stocks moved sharply higher at the start of trading on Wednesday, with the major averages all moving into positive territory after ending the previous session mixed. A positive reaction to better than expected durable goods data contributed to the initial upward move.
A report from the Commerce Department showed that orders for durable goods increased by 1.8 percent in May, matching the revised increase seen in April. The continued increase came as a surprise to economists, who had expected orders to fall 0.9 percent.
With the data generating some optimism about the outlook for demand, metal stocks are helping to lead the way higher. Transportation, housing, chemical, and semiconductor stocks are also posting notable gains in early trading.
The major averages have seen some further upside in the past few minutes, rising to new highs for the young session. The Dow is currently up 50.33 at 8,373.24, the Nasdaq is up 20.81 at 1,785.73 and the S&P 500 is up 7.08 at 902.18.
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