Major Averages Climb Firmly Into Positive Territory In Early Trading

(RTTNews) - After moving mostly higher over the course of the two previous sessions, stocks have seen further upside in early trading on Wednesday. The major averages have climbed firmly into positive territory on the last full day of trading before Christmas.

The strength on Wall Street partly reflects the recent upward momentum, with the major averages further offsetting the sharp pullback seen late last week.

Stocks may also be benefiting from traders doing some window dressing as the year winds down as well as strength in the overseas markets.

Buying interest has also been generated by a sharp increase by the price of crude oil, which has contributed to significant strength among energy stocks.

Crude for February delivery is jumping $1.22 to $37.36 a barrel due partly to a report showing a sharp drop in crude oil inventories.

Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index has surged up by 4.7 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil & Gas Index are up by 3.3 percent and 2.7 percent, respectively.

Steel, gold, computer hardware, and railroad stocks are also seeing considerable strength on the day, moving higher along with most of the other major sectors.

Currently, the major averages are near their highs for the young session. The Dow is up 123.14 points or 0.7 percent at 17,540.41, the Nasdaq is up 34.13 points or 0.7 percent at 5,035.24 and the S&P 500 is up 16.55 points or 0.8 percent at 2,055.52.