Major Averages Close Firmly Positive, Nasdaq Outperforms

(RTTNews) - After ending the previous session firmly in positive territory, stocks saw some further upside over the course of the trading day on Tuesday. The markets benefited from a positive reaction to comments from Russian President Vladimir Putin.

Biotechnology stocks showed a substantial move to the upside over the course of the trading day, driving the NYSE Arca Biotechnology Index up by 3.3 percent. With the gain, the index climbed further off the nearly one-month closing low set last Friday.

Exact Sciences (EXAS) and Nektar Therapeutics (NKTR) turned in two of the biotech sector's best performances, surging up by 9.8 percent and 9.1 percent, respectively.

Significant strength was also visible among software stocks, as reflected by the 2.6 percent gain posted by the Dow Jones Software Index. The index reached a thirteen-year intraday high before giving back some ground.

Microsoft (MSFT) helped lead the software sector higher, jumping 3.9 percent on reports that the company will introduce a version of its Office software suite for the iPad later this month.

Computer hardware stocks also showed a strong move to the upside on the day, resulting in a 2 percent gain by the NYSE Arca Computer Hardware Index. Hewlett-Packard (HPQ) and Lexmark (LXK) posted standout gains.

Semiconductor, housing, and healthcare stocks also moved notably higher, while gold stocks bucked the uptrend amid a decrease by the price of the precious metal.

The major averages all moved higher on the day, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq jumped 53.36 points or 1.3 percent to 4,333.31, the Dow rose 88.97 points or 0.6 percent to 16,336.19 and the S&P 500 advanced 13.42 points or 0.7 percent to 1,872.25.