Stocks have shown a notable move to the upside in recent trading on Tuesday, with the major averages all moving firmly into positive territory. The upward move is partly due to a rebound by banking stocks, which showed a steep decline earlier in the session.

After helping to lead the markets lower at the open, banking stocks have shown a substantial turnaround as Treasury Secretary Timothy Geithner testifies regarding the TARP program. The Kbw Bank Index is currently up 2.4 percent after falling as much as 7.7 percent.

The markets have also benefited from strength among airline, healthcare provider, networking, and steel stocks, which are regaining some ground after falling sharply in the previous session.

On the other hand, gold stocks have turned lower over the course of the morning after bucking the downtrend seen by the broader markets on Monday. Significant weakness has also emerged in the health insurance sector.

In the past few minutes, the major averages have pulled back off their new highs for the session, although they are holding onto strong gains. The Dow is currently up 50.73 at 7,892.46, the Nasdaq is up 21.39 at 1,629.60 and the S&P 500 is up 7.17 at 839.56.

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