Major Averages Pull Back Well Off Their Early Highs

(RTTNews) - After moving sharply higher at the open, stocks have given back some ground over the course of early trading on Wednesday. The major averages have pulled back well off their highs for the young session.

The initial upward move on Wall Street partly reflected a positive reaction to continued strength in the overseas markets.

Stocks in the Asia-Pacific region saw considerable strength following yesterday's rally on Wall Street, with Japan's Nikkei 225 Index soaring by 7.7 percent.

Buying interest waned not long after the start of trading, however, as traders seemed reluctant to continue picking up stocks amid a lack of major U.S. economic data.

The subsequent pullback by the markets partly reflected profit taking, with biotech and semiconductor stocks coming under pressure after rising sharply on Tuesday.

On the other hand, energy stocks continue to turn in a strong performance despite a notable decrease by the price of crude oil.

Currently, the major averages are clinging to modest gains. The Dow is up 22.05 points or 0.1 percent at 16,514.73, the Nasdaq is up 1.33 points or less than 0.1 percent at 4,813.26 and the S&P 500 is up 2.09 points or 0.1 percent at 1,971.50.