Major Averages Seeing Further Upside In Mid-Day Trading

(RTTNews) - Stocks have shown a strong move to the upside over the course of the trading day on Wednesday, adding to the gains posted in the previous session. The strength on Wall Street comes as traders have shrugged off lingering concerns about the situation in Syria.

Networking stocks are posting particularly strong gains, driving the NYSE Arca Networking Index up by 2.4 percent. The index is continuing to regain ground after ending last Friday's trading at its lowest closing level in over a month.

Ciena (CIEN) has helped to lead the networking sector higher, with the telecom equipment maker surging up by 11.9 percent after reporting better than expected third quarter results.

Significant strength has also emerged among semiconductor stocks, resulting in a 2.1 percent gain by the Philadelphia Semiconductor Index. Cirrus Logic (CRUS), KLA-Tencor (KLAC) and Micron (MU) are posting notable gains.

Outside the tech sector, brokerage stocks have also shown a strong move to the upside on the day, with the NYSE Arca Broker/Dealer Index up by 1.7 percent.

E*Trade (ETFC) is posting a standout gain after announcing that its subsidiary, E*TRADE Bank, has received regulatory approval to dividend capital to the company's parent.

Oil service, biotechnology, and railroad stocks are also seeing considerable strength in mid-day trading, moving higher along with most of the major sectors.

The major averages have seen some further upside in recent trading, reaching new highs for the session. The Dow is up 111.89 points or 0.8 percent at 14,945.85, the Nasdaq is up 36.41 points or 1 percent at 3,649.02 and the S&P 500 is up 14.59 points or 0.9 percent at 1,654.36.