WASHINGTON (dpa-AFX) - Stocks gave back ground after an early move to the upside but remain mostly positive in afternoon trading on Wednesday. With the gains, the Dow and the S&P 500 are poised to snap their three-day losing streaks.
The Dow is up 262.23 points or 0.7 percent at 39,544.56 and the S&P 500 is up 17.51 points or 0.3 percent at 5,221.09.
Meanwhile, the tech-heavy Nasdaq has spent some of the day in negative territory but is currently up 15.43 points or 0.1 percent at 16,331.13.
The strength on Wall Street comes as traders once again look to pick up stocks at somewhat reduced levels after early buying interest faded over the course of Tuesday's session.
The major averages spent much of yesterday's session in positive territory before coming under pressure in the final hour of trading, with the Dow and the S&P 500 closing lower for the third straight day.
Trading activity has remained relatively subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
Traders may also be reluctant to make significant moves ahead of the release of reports on weekly jobless claims, Chicago business activity and pending home sales on Thursday.
A report on personal income and spending that includes readings on inflation said to be preferred by the Federal Reserve is also due to be released while the markets are closed on Good Friday.
The holiday will also see Fed Chair Jerome Powell participate in a moderated discussion before the Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference.
Sector News
Gold stocks continue to see substantial strength on the day, resulting in 3.1 percent surge by the NYSE Arca Gold Bugs Index. The index is on pace to end the session at its best closing level in almost three months.
The rally by gold stocks comes amid an increase by the price of the precious metal, with gold for June delivery climbing $13.50 to $2,212.70 an ounce.
Significant strength has also emerged among airline stocks, as reflected by the 2.1 percent jump by the NYSE Arca Airline Index.
Interest rate-sensitive utilities and commercial real estate stocks also continue to see considerable strength, driving the Dow Jones Utility Average and the Dow Jones U.S. Real Estate Index up by 2.0 percent and 1.5 percent, respectively.
Tobacco, steel and banking stocks have also shown notable moves to the upside, while computer hardware stocks remain under pressure.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan's Nikkei 225 Index jumped by 0.9 percent, while China's Shanghai Composite Index and Hong Kong's Hang Seng Index slumped by 1.3 percent and 1.4 percent, respectively.
Meanwhile, European stocks moved mostly higher on the day. While the German DAX Index climbed by 0.5 percent, the French CAC 40 Index rose by 0.3 percent and the U.K.'s FTSE 100 Index closed just above the unchanged line.
In the bond market, treasuries have climbed firmly into positive territory over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.0 basis points at 4.194 percent.
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