Stocks showed a strong upward move at the start of trading on Wednesday, with the major averages moved back to the upside after ending the previous session firmly in the red. Better than expected durable goods orders data contributed to the initial upward move.

Before the start of trading, the Commerce Department said that durable goods orders jumped 3.4 percent in February after falling by a revised 7.3 percent in January. Economists had been expecting durable goods orders to fall by 2.5 percent.

Banking stocks are helping to lead the way higher after posting notable losses on Tuesday, with Dow component Bank of America (BAC) posting a significant gain. Airline, semiconductor, and housing stocks are also seeing considerable strength in early trading.

In the past few minutes, the major averages have edged down off their highs for the young session, although they remain firmly positive. The Dow is currently up 75.59 at 7,735.56, the Nasdaq is up 15.51 at 1,532.03 and the S&P 500 is up 7.68 at 813.93.

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