Stocks have shown a strong upward move over the course of the trading day on Wednesday, with the major averages bouncing firmly into positive territory after seeing some initial weakness. The turnaround came on the heels of the release of some better than expected economic data.

The initial downward move came on the heels of the release of a report from ADP showing that non-farm private employment fell by a bigger than expected 742,000 jobs following a revised decrease of 706,000 jobs in February.

Selling pressure waned not long after the open, however, and stocks moved back to the upside following the release of monthly reports on pending home sales, manufacturing activity and construction spending.

The major averages have seen some further upside in recent trading, reaching new highs for the session. The Dow is currently up 114.37 at 7,723.29, the Nasdaq is up 20.10 at 1,548.69 and the S&P 500 is up 10.11 at 807.98.

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