After failing to sustain an initial downward move, stocks have shown a notable turnaround over the course of morning trading on Wednesday. The major averages have bounced well off their lows for the session and moved firmly into positive territory.

The Nasdaq has shown a substantial upward move, benefiting from significant strength that has emerged among electronic storage, semiconductor, and networking stocks. SanDisk (SNDK) is leading the storage sector higher after reporting a narrower than expected quarterly loss.

Strong gains by trucking, housing, and steel stocks have also contributed to the turnaround by the broader markets. Additionally, most financial stocks have rebounded after helping to lead the markets lower in early trading.

On the other hand, some weakness remains visible among pharmaceutical, railroad and utilities stocks. GlaxoSmithKline (GSK) is leading the pharmaceutical sector lower after reporting a modest decrease in first quarter earnings.

In late morning trading, the major averages are hovering well above the unchanged line, adding to the gains posted in the previous session. The Dow is currently up 46.44 at 8,016.00, the Nasdaq is up 23.50 at 1,667.35 and the S&P 500 is up 6.54 at 856.62.

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