After moving notably higher at the open, stocks have seen some further upside over the course of morning trading on Wednesday. The major averages have all moved firmly into positive territory, with the Nasdaq rising to its best intraday level in almost six months.

Healthcare provider stocks are turning in some of the market's best performances, extending a nearly two-month long upward trend. The Morgan Stanley Healthcare Provider Index is currently up 6.8 percent after reaching a six-month intraday high.

A variety of other sectors have also moved sharply higher over the course of the morning, reflecting broad based strength in the markets. Electronic storage, banking, and oil service stocks are posting particularly strong gains.

The markets are benefiting from a positive reaction to the latest economic data. While a Commerce Department report showed a bigger than expected drop in first quarter GDP, the decrease was largely due to a steep drop in inventories.

The major averages have continued to move higher in recent trading, once again reaching new highs for the session. The Dow is currently up 173.32 at 8,190.27, the Nasdaq is up 43.91 at 1,717.72 and the S&P 500 is up 19.52 at 874.68.

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