Major Averages Hovering Firmly In Positive Territory In Mid-Day Trading

(RTTNews) - After moving notably higher earlier in the session, stocks continue to turn in a strong performance in mid-day trading on Wednesday. With the strength on the day, the major averages are moving higher for the third consecutive session.

Energy stocks are seeing substantial strength in mid-day trading, benefiting from a sharp increase by the price of crude oil. Crude for February delivery is jumping $1.36 to $37.50 a barrel due partly to a report unexpectedly 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 5.8 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil & Gas Index are up 3.7 percent and 3.1 percent, respectively.

Significant strength is also visible among steel stocks, which are adding to the strong gains posted in the previous session. The NYSE Arca Steel Index has jumped by 4.1 percent, climbing further off the record closing low set last Friday.

Computer hardware stocks are also turning in a particularly strong performance on the day, resulting in a 2.1 percent gain by the NYSE Arca Computer Hardware Index. Seagate (STX) and Supermicro (SMCI) are posting standout gains.

Gold, tobacco, railroad, and chemical stocks have also moved notably higher on the day, reflecting broad based buying interest on Wall Street.

The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory. The Dow is up 136.76 points or 0.8 percent at 17,554.03, the Nasdaq is up 34.99 points or 0.7 percent at 5,036.10 and the S&P 500 is up 18.80 points or 0.9 percent at 2,057.77.