Major Averages Posting Strong Gains In Early Trading

(RTTNews) - After showing a lack of direction throughout much of the two previous sessions, stocks have moved mostly higher in early trading on Wednesday. The major averages have climbed firmly into positive territory, with the Nasdaq reaching its best intraday level in over a month.

The early strength on Wall Street has been partly attributed to optimism that Greece will finally reach an agreement with its international creditors.

Greek Prime Minister Alexis Tsipras is set to meet with senior European officials in Brussels to be presented with what is said to be the final proposal to break the stalemate.

Traders are also reacting to a slew of U.S. economic data, including a report from payroll processor ADP showing a notable re-acceleration in the pace of private sector job growth in the month of May.

Trucking stocks have shown a strong move to the upside in early trading, driving the Dow Jones Trucking Index up by 2.6 percent. YRC Worldwide (YRCW) and C.H. Robinson (CHRW) are posting standout gains.

Notable strength has also emerged among financial stocks, with the Dow Jones Banks Index and the NYSE Arca Broker/Dealer Index climbing by 1.5 percent and 1.2 percent, respectively.

Software, steel, and networking stocks are also seeing early strength, while utilities stocks are extending the drop seen in the previous session.

In the past few minutes, the major averages have pulled back off their highs, but they are holding on to strong gains. The Dow is up 139.59 points or 0.8 percent at 18,151.53, the Nasdaq is up 34.32 points or 0.7 percent at 5,110.84 and the S&P 500 is up 10.06 points or 0.5 percent at 2,119.66.