(RTTNews) - Stocks have shown a strong upward move over the course of morning trading on Wednesday, with the major averages all moving firmly into positive territory. Traders have reacted positively to the latest batch of economic data ahead of the Federal Reserve’s interest rate announcement.

The strength in the markets comes following the release of a report from ADP showing a continued slowdown in the pace of job losses in October as well as a report from the Institute for Supply Management showing continued growth in service sector activity.

Health insurance stocks are posting particularly strong gains, as Republican victories in gubernatorial elections in Virginia and New Jersey have generated optimism that more liberal healthcare reforms will face increased opposition on Capitol Hill.

Significant strength has also emerged in a variety of other sectors, with housing, natural gas, semiconductor, and defense stocks posting notable gains. On the other hand, some trucking and electronic storage stocks are bucking the uptrend.

The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is currently up 132.10 at 9,904.01, the Nasdaq is up 20.51 at 2,077.83 and the S&P 500 is up 12.73 at 1,058.14.

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Posted in Categories: Economy, Releases, USA.

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