After moving higher at the open, stocks have seen some further upside over the course of the first half-hour of trading on Wednesday. The major averages have moved firmly into positive territory, partly offsetting the losses posted in the previous session.

With traders reacting to some better than expected economic data, banking stocks are turning in some of the market's best performances. Significant strength is also visible among airline, semiconductor, and housing stocks.

The major averages have continued to move higher in the past few minutes, rising to new highs for the young session. The Dow is currently up 120.19 at 7,780.16, the Nasdaq is up 25.43 at 1,541.95 and the S&P 500 is up 12.11 at 818.36.

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