Stocks have shown a notable turnaround over the course of morning trading on Wednesday, with the major averages showing a substantial rebound after moving sharply lower earlier in the session. Better than expected economic data contributed to the recovery.

While weak employment data contributed to the initial weakness, stocks bounced back to the upside following the release of reports on manufacturing, construction spending, and pending home sales.

Traders are also keeping an eye on London, where global leaders are meeting for the Group of 20 Summit to discuss efforts to deal with the weakness in the global economy.

President Barack Obama is expected to present a raft of proposals, including increased oversight for hedge funds and more powers to deal with troubled financial firms deemed too big to fail.

The major averages have continued higher in the past few minutes, with the Dow and the S&P 500 climbing into positive territory. While the Nasdaq remains down 1.90 at 1,526.69, the Dow is up 23.09 at 7,632.01 and the S&P 500 is up 1.32 at 799.19.

For comments and feedback: contact editorial@rttnews.com