Major Averages Close Firmly Positive After Seeing Initial Weakness

(RTTNews) - Stocks moved notably higher over the course of the trading day on Tuesday after recovering from an initial move to the downside. With the strong upward move on the day, the Dow reached a new record intraday high before giving back some ground.

After ending the previous session firmly in the red, semiconductor stocks showed a strong move back to the upside on the day. The Philadelphia Semiconductor Index surged up by 1.7 percent after ending Monday's trading at its worst closing level in almost a month.

Micron Technology (MU) and Freescale Semiconductor (FSL) turned in two of the sector's best performances, jumping by 4.8 percent and 3.9 percent, respectively.

Biotechnology stocks also regained some ground following yesterday's weakness, driving the NYSE Arca Biotechnology Index up by 1.6 percent. Myriad Genetics (MYGN) and Gilead Sciences (GILD) posted standout gains.

Significant strength was also visible among steel stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Steel Index. The strength in the sector came on the heels of a report of additional Chinese stimulus.

Healthcare provider, natural gas, and utilities stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.

The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow climbed 100.83 points or 0.6 percent to 17,131.97, the Nasdaq rose 33.86 point or 0.8 percent to 4,552.76 and the S&P 500 advanced 14.85 points or 0.8 percent to 1,998.98.