Major Averages Reach Best Closing Levels In A Month

(RTTNews) - After ending the previous session modestly lower, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day more than offset yesterday's losses, lifting the major averages to their best closing levels in a month.

Extending a recent upward trend, networking stocks moved sharply higher over the course of the trading day. The NYSE Arca Networking Index surged up by 2.9 percent, reaching its best closing level in over a month.

Alcatel-Lucent (ALU) helped to lead the networking sector higher, jumping by 16 percent after reporting a narrower third quarter loss.

Utilities stocks also showed a strong move to the upside on the day, driving the Dow Jones Utilities Average up by 2.1 percent. With the gain, the average reached a new record closing high.

Pharmaceutical and biotechnology stocks also saw notable strength, with the NYSE Arca Pharmaceutical Index and the NYSE Arca Biotechnology Index climbing by 2.1 percent and 1.7 percent, respectively. The biotech index also reached a new record closing high.

On the other hand, substantial weakness was visible among gold stocks, as reflected by the 7.4 percent loss posted by the NYSE Arca Gold Bugs Index. The loss pulled the index down to a six-year closing low.

The sell-off by gold stocks came amid a steep drop by the price of the precious metal, as gold for December delivery plunged $26.30 to $1,198.60 an ounce.

Trucking, semiconductor, and natural gas stocks also came under pressure on the day, limiting the upside for the broader markets. The major averages all closed in positive territory, although the Dow outperformed its counterparts. While the Dow surged up 221.11 points or 1.3 percent to 17,195.42, the Nasdaq rose 16.91 points or 0.4 percent to 4,566.14 and the S&P 500 climbed 12.35 points or 0.6 percent to 1,994.65.