Major Averages Posting Modest Gains In Mid-Day Trading

(RTTNews) - After seeing initial weakness, stocks have moved mostly higher over the course of the trading day on Wednesday. With the turnaround on the day, the S&P 500 has offset the modest loss posted in the previous session to reach a new record intraday high.

The early weakness on Wall Street was partly due to the release of a report from payroll processor ADP showing that the pace of private sector job growth slowed more than expected in May.

However, stocks staged a recovery following the release of a separate report from the Institute for Supply Management showing that its index of activity in the sector rose by more than economists had anticipated in the month of May.

While most of the major sectors are showing only modest moves, considerable strength remains visible among biotechnology stocks. The NYSE Arca Biotechnology Index has risen by 1.3 percent to its best intraday level in two months.

Exact Sciences (EXAS) has helped to lead the biotech sector higher, with the molecular diagnostics company surging up by 4.3 percent.

Brokerage, airline, and retail stocks are also seeing some strength in mid-day trading, while telecom stocks are seeing moderate weakness.

Currently, the major averages are all in positive territory, although the Dow is up only 2.33 points or less than a tenth of a percent at 16,724.67. The Nasdaq is up 15.07 points or 0.4 percent at 4,249.15, while the S&P 500 is up 2.47 points or 0.1 percent at 1,926.71.