Major Averages Move Back To The Upside In Early Trading

(RTTNews) - Stocks have moved mostly higher in early trading on Wednesday, regaining some ground after closing lower in each of the two previous sessions. The major averages have all moved back to the upside, with the Dow jumping by nearly 200 points.

The early strength on Wall Street is partly due to a sharp increase by the price of crude oil, which is rebounding following recent weakness.

Crude for January delivery has surged up $1.27 to $38.78 a barrel after ending the previous session at its lowest closing level in well over six years.

Energy stocks are rebounding along with the price of crude oil, with the Philadelphia Oil Service Index posting a particularly strong 4.2 percent gain.

Significant strength is also visible among chemical stocks, as reflected by the 4.6 percent gain being posted by the Dow Jones Chemicals Index. DuPont (DD) and Dow Chemical (DOW) are posting standout gains amid reports the companies are in merger talks.

Steel, gold, railroad and trucking stocks are also seeing considerable strength in early trading following recent weakness.

Currently, the major averages are all in positive territory, although the Nasdaq is underperforming its counterparts. While the Nasdaq is up 6.60 points or 0.1 percent at 5,104.85, the Dow is up 191.08 points or 1.1 percent at 17,759.08 and the S&P 500 is up 15.61 points or 0.8 percent at 2,079.20.