RTTNews - With traders reacting positively to the latest batch of earnings and economic news, stocks have moved sharply higher over the course of morning trading on Wednesday. The major averages have all shown strong upward moves, adding to the gains posted in the two previous sessions.

Semiconductor stocks are turning in some of the best performances after Intel (INTC) reported adjusted second quarter earnings that far exceeded analyst estimates. The Philadelphia Semiconductor Index is currently up 4.3 percent, rising to a one-month intraday high.

The better than expected results from Intel have also contributed to strength in other areas of the technology sector, with networking, software, and wireless stocks posting notable gains.

Most of the other sectors have also shown strong moves to the upside, reflecting broad based buying interest. Metal, housing, airline, and banking stocks are seeing considerable strength.

On the other hand, some trucking stocks are bucking the uptrend, dragging the Dow Jones Trucking Index down 1.3 percent. J.B. Hunt (JBHT) is leading the sector lower after reporting weaker than expected second quarter earnings.

The major averages have seen some further upside in recent trading, once again reaching new highs for the session. The Dow is currently up 179.87 at 8,539.36, the Nasdaq is up 49.14 at 1,848.87 and the S&P 500 is up 19.34 at 925.18.

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