S&P 500 Closes At New Record High Above 1,800

(RTTNews) - Stocks moved mostly higher over the course of the trading day on Friday, extending the upward move seen in the previous session. With the gains, the Dow and the S&P 500 reached new record closing highs above 16,000 and 1,800, respectively.

Airline stocks turned in some of the best performances on the day, driving the NYSE Arca Airline Index up by 1.7 percent. With the gain, the index ended the session at its best closing level in ten years.

Within the airline sector, shares of United Continental (UAL) jumped 3.9 percent after Goldman Sachs upgraded its rating on the airline to Buy from Neutral.

Extending a recent upward trend, biotechnology stocks also moved notably higher. The NYSE Arca Biotechnology Index advanced by 1.7 percent to a new record high.

Biogen Idec (BIIB) helped lead the biotech sector higher, surging up by 13.2 percent on news that European regulators designated its multiple sclerosis drug Tecfidera as a "new active substance," providing 10 years of regulatory exclusivity.

Healthcare, telecom, and defense stocks also saw notable strength on the day, moving higher along with most of the other major sectors.

The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow rose 54.78 points or 0.3 percent to 16,064.77, the Nasdaq advanced 22.49 points or 0.6 percent to 3,991.65 and the S&P 500 climbed 8.91 points or 0.5 percent to 1,804.76.

For the week, the major averages all moved to the upside, although the Nasdaq inched up only 0.1 percent. The Dow and the S&P 500 rose by 0.6 percent and 0.4 percent, respectively.