TradingMarkets Mid-Day Movers
The major averages are
moving more firmly into positive territory through morning trading
on Wednesday, as stocks are regaining some ground after falling
sharply in the previous session. Bargain hunting has contributed
to the upward move by the broader markets.
The markets are benefiting
from significant strength in the telecommunications, computer
hardware, and networking sectors. Sprint Nextel
(
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PowerRating) is
helping to lead the telecom sector back to the upside after
reporting better than expected fourth quarter adjusted earnings.
Crude prices are currently trading
higher by 0.3% to $60.42 per barrel. Gold futures for April
delivery are trading fractionally higher to $668.00 an ounce.
Around Asia, markets continued to
close lower. Hong Kong’s Hang Seng fell by 2.5% and Tokyo’s
Nikkei dropped 2.85%. On a positive note, the Shanghai
Composite rose nearly 4% to offset some of Tuesday’s harsh selloff.
The
PowerRatings
Heat Maps*
from Tuesday’s close is showing action that has historically led to strength in
the overall market with
the Drug and Transportation sectors looking the strongest.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com