RTTNews - Stocks showed a strong upward move at the start of trading on Wednesday, with the major averages moving back to the upside after ending the previous session notably lower. The initial strength came as traders reacted positively to the latest employment data.
While a report from Automatic Data Processing showed a bigger than expected decrease in private sector employment in June, the data indicated a slowdown in the pace of job losses and showed the smallest decrease in jobs since October of 2008.
Resource stocks have helped to lead the way higher in early trading, benefiting from increases in most major commodities prices. While tobacco, airline, and networking stocks are also seeing early strength, some weakness has emerged among banking stocks.
The major averages have seen some further upside in the past few minutes, rising to new highs for the young session. The Dow is currently up 68.70 at 8,515.70, the Nasdaq is up 13.16 at 1,848.20 and the S&P 500 is up 6.39 at 925.71.
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