Stocks have moved sharply higher over the course of the trading day on Thursday, adding to gains posted in the previous session. The major averages have all shown strong moves to the upside, with the S&P 500 climbing further off the one-month low set on Tuesday.

Currently, the major averages are just off their highs of the session. The Dow is up 669.42 points or 1.3 percent at 53,731.37, the Nasdaq is up 363.25 points or 1.4 percent at 26,581.08 and the S&P 500 is up 80.43 points or 1.1 percent at 7,747.03.

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