WASHINGTON (dpa-AFX) - Stocks have moved mostly higher over the course of the trading day on Wednesday, regaining ground following the sell-off seen in the previous session. The major averages have all moved back to the upside, with the tech-heavy Nasdaq showing a notable rebound.
Currently, the Nasdaq and the S&P 500 are just off their highs of the session. The Nasdaq is up 178.45 points or 0.8 percent at 23,527.08 and the S&P 500 is up 33.86 points or 0.5 percent at 6,805.41, while the narrower Dow is posting a more modest gain, up 76.17 points or 0.2 percent at 47,161.41.
The strength on Wall Street comes as some traders look to pick up stocks at relatively reduced levels following the steep drop on Tuesday, which partly reflected concerns about valuations.
Positive sentiment may also have been generated in reaction to some upbeat U.S. economic data, including a report from payroll processor ADP showing private sector employment in the U.S. rebounded by more than expected in the month of October.
ADP said private sector employment climbed by 42,000 jobs in October after slipping by a revised 29,000 jobs in September.
Economists had expected private sector employment to rise by 25,000 jobs compared to the loss of 32,000 jobs originally reported for the previous month.
The Institute for Supply Management also released a report showing U.S. service sector activity returned to expansion in the month of October.
The ISM said its services PMI climbed to 52.4 in October after falling to 50.0 in September, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.8.
With the bigger than expected increase, the services PMI reached its highest level since hitting 53.5 in February.
Sector News
Airline stocks are turning in some of the market's best performances on the day, with the NYSE Arca Airline Index soaring by 4.3 percent.
Substantial strength is also visible among semiconductor stocks, as reflected by the 2.5 percent surge by the Philadelphia Semiconductor Index.
Biotechnology stocks have also shown a significant move to the upside, driving the NYSE Arca Biotechnology Index up by 2.3 percent.
Gold and computer hardware stocks are also seeing considerable strength on the day, while software stocks are seeing further downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan's Nikkei 225 Index tumbled by 2.5 percent, while south Korea's Kospi dove by 2.9 percent.
Meanwhile, the major European markets have moved to the upside over the course of the session. While the U.K.'s FTSE 100 Index is up by 0.7 percent, the German DAX Index is up by 0.3 percent and the French CAC 40 Index is up by 0.1 percent.
In the bond market, treasuries have come under pressure in reaction to the latest U.S. economic data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 6.2 basis points at 4.153 percent.
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