Major Averages Close At Their Best Levels Of The Day

(RTTNews) - Stocks moved sharply higher during trading on Wednesday following the lackluster performance seen in the previous session. After seeing early strength, the major averages gave back some ground before moving back to the upside in the afternoon.

Computer hardware stocks saw substantial strength on the day, driving the NYSE Arca Computer Hardware Index up by 4.5 percent. The gain by the index came after it ended the previous session at its lowest closing level in well over a year.

Western Digital (WDC) posted a standout gain, surging up by 15.3 percent on news an arm of China's Tsinghua Unigroup has agreed to pay $3.8 billion for a 15 percent stake in the hard drive maker.

Significant strength was also visible among semiconductor stocks, as reflected by the 3.8 percent gain posted by the Philadelphia Semiconductor Index. SanDisk (SNDK) and SunEdison (SUNE) turned in two of the sector's best performances.

Biotechnology stocks also ended the day notably higher, with the NYSE Arca Biotechnology Index jumping by 3.6 percent. With the gain, the index bounced off the nine-month closing low set on Tuesday.

Energy, gold, consumer, and pharmaceutical stocks also saw considerable strength, reflecting broad based buying interest on Wall Street.

The major averages ended the day firmly in positive territory, at or near their highs for the session. The Dow jumped 235.57 points or 1.5 percent to 16,284.70, the Nasdaq soared 102.84 points or 2.3 percent to 4,620.16 and the S&P 500 surged up 35.94 points or 1.9 percent at 1,920.03.