After seeing some initial weakness, stocks have rebounded and moved into positive territory during late morning trading on Wednesday.

Banking and steel stocks are leading the advance, with the S&P Banks Index up 3 percent and the Amex Steel Index up 2.6 percent.

Meanwhile, biotech and pharmaceutical stocks continued to post notable losses. The Amex Biotechnology Index and the Amex Pharmaceutical Index are down 2.4 percent and 1.5 percent, respectively.

Currently, the Dow is up 37.27 at 7,646.19, the Nasdaq is up 5.92 at 1,534.51, and the S&P 500 is up 2.95 at 800.82.

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