After showing a strong upward move earlier in the session, stocks have given back some ground over the course of afternoon trading on Wednesday. The major averages have pulled back well off their best levels of the day, although they remain in positive territory.

While some weakness has emerged among computer hardware and railroad stocks, the pullback by the broader markets is largely due to profit taking following the early strength. Nonetheless, significant strength remains visible among housing, airline, and banking stocks.

The major averages have continued to move lower in the past few minutes, with the Nasdaq pulling back near the unchanged line. The Dow is currently up 62.36 at 7,722.33, the Nasdaq is up 2.10 at 1,518.62 and the S&P 500 is up 3.07 at 809.32.

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