After ending the two previous sessions in the red, stocks moved back to the upside at the start of trading on Wednesday. The major averages have all moved firmly into positive territory despite the release of a report showing a bigger than expected drop in first quarter GDP.

Before the start of trading, the Commerce Department released a report showing a 6.1 percent decrease in first quarter GDP compared to estimates of a 4.7 percent drop. However, the decrease was due in large part to a steep drop in inventories.

Airline stocks are turning in some of the best performances in early trading, with traders doing some bargain hunting following the weakness seen in the two previous sessions. Healthcare provider, banking, and gold stocks are also seeing early strength.

The major averages are currently holding onto strong gains, just off their highs for the young session. The Dow is currently up 69.45 at 8,086.40, the Nasdaq is up 15.73 at 1,689.54 and the S&P 500 is up 8.06 at 863.22.

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