Major Averages Close Firmly Positive On Final Day Of The Year

(RTTNews) - Closing out a strong year on an upbeat note, stocks moved mostly higher over the course of the trading day on Tuesday. The Dow and the S&P 500 set new record closing highs, while the Nasdaq once again reached is best levels since 2000.

After coming under pressure in the previous session, gold stocks showed a strong move back to the upside on the day. The NYSE Arca Gold Bugs Index surged up by 2.4 percent after tumbling by 2.6 percent on Monday.

The rebound by gold stocks came despite a modest decrease by the price of the precious metal, with gold for February delivery dipping $1.50 to $1,202.30 an ounce.

Brokerage stocks also turned in a strong performance, driving the NYSE Arca Broker/Dealer Index up by 1.2 percent. With the gain, the index reached a five-year closing high.

Railroad, oil, and airline stocks also saw notable strength on the day, moving higher along with most of the other major sectors.

The major averages moved to the upside in the final hour of trading, ending the day firmly in positive territory. The Dow climbed 72.37 points or 0.4 percent to 16,575.66, the Nasdaq advanced 22.39 points or 0.5 percent to 4,176.59 and the S&P 500 rose 7.29 points or 0.4 percent to 1,848.36.

For the year, the Dow surged up by 26.5 percent, while the Nasdaq and the S&P 500 jumped by 38.3 percent and 29.6 percent, respectively. The S&P 500 showed its biggest annual advance since 1997.