Major Averages Near Their Best Levels In Mid-Day Trading

(RTTNews) - With traders reacting positively to a batch of largely upbeat U.S. economic data, stocks are mostly higher in mid-day trading on Wednesday. The gains on the day extend the upward trend shown by the markets over the past few sessions.

Computer hardware stocks are seeing considerable strength on the heels of earnings news from Hewlett-Packard (HPQ), with the NYSE Arca Computer Hardware Index up by 1.7 percent. The gain has lifted the index to a new record intraday high.

Shares of HP have surged up by 7.5 percent after the tech giant reported better than expected fourth quarter results. The company also provided first quarter and full-year earnings guidance in line with estimates.

While HP is leading the sector higher, Apple (AAPL) and Western Digital (WDC) are also posting strong gains, advancing by 2.1 percent and 1.7 percent, respectively.

Steel, networking, and railroad stocks are also seeing some strength on the day, while most of the major sectors are showing more modest moves to the upside.

The major averages are currently posting moderate gains, near their best levels of the day. The Dow is up 33.45 points or 0.2 percent at 16,106.25, the Nasdaq is up 21.65 points or 0.5 percent at 4,039.40 and the S&P 500 is up 4.98 points or 0.3 percent at 1,807.73.