Stocks have shown a notable move to the upside in recent trading on Wednesday, with the Dow and the S&P 500 climbing back into positive territory. Nonetheless, the major averages remain off the highs set earlier in the session.

With better than expected earnings from Bed Bath & Beyond (BBBY) generating some positive sentiment, retail stocks are turning in some of the market's best performances. The S&P Retail Index is currently up 3.3 percent after closing lower in the two previous sessions.

Significant strength is also visible among networking stocks, as reflected by the 3.4 percent gain currently being shown by the Amex Networking Index. Software, airline, and computer hardware stocks are also posting notable gains.

On the other hand, some healthcare provider, banking, and brokerage stocks are under pressure, helping to limit the upside for the broader markets. Some housing stocks have also turned lower after seeing early strength.

The major averages have continued to move higher in the past few minutes, although they still remain off their best levels of the day. The Dow is currently up 35.44 at 7,825.00, the Nasdaq is up 20.51 at 1,582.12 and the S&P 500 is up 6.05 at 821.60.

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