(RTTNews) - With technology stocks helped to lead the way higher, significant strength has emerged on Wall Street on Wednesday. The major averages have climbed firmly into positive territory, adding to the gains posted in the previous session.
The markets have benefited from considerable strength among tech stocks, which have shown a substantial move to the upside despite disappointing guidance from semiconductor giant Intel (INTC).
While Intel reported better than expected second quarter earnings after the close of trading on Tuesday, the company also reported weaker than expected revenues and lowered its full year revenue growth outlook. Nonetheless, shares of Intel have risen by 2.8 percent.
Other semiconductor stocks are moving sharply higher along with Intel, driving the Philadelphia Semiconductor Index up by 2.9 percent. With the gain, the index is regaining some ground after ending the previous session at a nearly seven-month closing low.
Networking and computer hardware stocks are also seeing considerable strength in late morning trading, with the NYSE Arca Networking Index and the NYSE Arca Computer Hardware Index both advancing by 2.4 percent.
Most of the other major sectors are showing more modest moves, although notable strength is visible among defense, health insurance, and oil service stocks.
The major averages have seen some further upside in recent trading, reaching new highs for the session. The Dow is up 69.37 points or 0.5 percent at 12,874.91, the Nasdaq is up 26.62 points or 0.9 percent at 2,936.65 and the S&P 500 is up 6.76 points or 0.5 percent at 1,370.43.
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