After showing a notable decline at the open, stocks have turned higher over the course of the trading day on Wednesday. The major averages have bounced well off their lows for the session and moved firmly into positive territory.

Steel stocks are turning in some of the market's best performances, further offsetting the steep loses that were posted on Monday. While banking, telecom, and gold stocks are also posting notable gains, significant weakness remains visible in the biotech sector.

In recent trading, the Dow and the S&P 500 have risen to new highs for the session, while the Nasdaq remains off its best levels. The Dow is currently up 125.52 at 7,734.44, the Nasdaq is up 17.61 at 1,546.20 and the S&P 500 is up 11.12 at 808.99.

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