Major Averages Hovering Near Their Highs In Mid-Day Trading

(RTTNews) - Extending the upward move seen in the previous session, stocks have moved mostly higher during trading on Wednesday. With the gains, the major averages have further offset their recent pullback, although the Dow and the S&P 500 remain well off the record intraday highs set last Friday.

While many of the major sectors are showing only modest moves, significant strength remains visible among biotechnology stocks. The NYSE Arca Biotechnology has surged up by 2.2 percent after ending the previous session at a two-month closing low.

ImmunoGen (IMGN), Regeneron Pharmaceuticals (REGN), and Celgene (CELG) are turning in some of the biotech sector's best performances.

Airline and healthcare stocks have also moved to the upside on the day, with the NYSE Arca Airline Index and the Dow Jones Healthcare Index both advancing by 1 percent.

Meanwhile, tobacco stocks have come under pressure over the course of the session, dragging the NYSE Arca Tobacco Index down by 1.2 percent. Lorillard (LO) has helped to lead the sector lower.

Currently, the major averages are posting notable gains, near their highs for the session. The Dow is up 58.37 points or 0.4 percent at 16,314.51, the Nasdaq is up 29.00 points or 0.7 percent at 4,141.99 and the S&P 500 is up 5.91 points or 0.3 percent at 1,857.87.