With traders reacting positively to some better than expected economic data, stocks are turning in a strong performance in late morning trading on Wednesday. The major averages have shown a strong upward move after ending the previous session firmly in the red.

The strength in the markets comes as traders digest separate reports from the Commerce Department showing unexpected increases in both durable goods orders and new home sales in the month of February.

Housing stocks are turning in some of the best performances on the heels of the new home sales data, which marks the latest in a recent string of better than expected housing market reports. The Philadelphia Housing Index is currently posting a 6.5 percent gain.

Significant strength is also visible in a variety of other sectors, with banking, airline, and semiconductor stocks posting notable gains. Dow component Bank of America (BAC) is helping to lead the banking sector higher, rising 8.7 percent.

The major averages have been more or less rangebound in recent trading, hovering near their best levels of the day. The Dow is currently up 153.32 at 7,813.29, the Nasdaq is up 24.89 at 1,541.41 and the S&P 500 is up 13.78 at 820.03.

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