02.11.2015 22:21:53

Major Averages Close Just Off Their Best Levels Of The Day

(RTTNews) - Extending the rally seen last month, stocks moved sharply higher over the course of the trading day on Monday. With the gains on the day, the Dow reached a three-month closing high, while the Nasdaq and the S&P 500 reached their best closing levels in over two months.

Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 5.1 percent. With the gain, the index reached its best closing level in over a month.

Exact Sciences (EXAS), Novavax (NVX), and Isis Pharmaceuticals (ISIS) turned in some of the biotech sector's best performances.

Significant strength was also visible among computer hardware stocks, as reflected by the 3.8 percent gain being posted by the NYSE Arca Computer Hardware Index. HP Inc. (HPQ) posted a standout gain after completing its split from Hewlett Packard Enterprises (HPE).

Oil service stocks also saw considerable strength on the day, resulting in a 3.2 percent gain by the Philadelphia Oil Service Index up. The strength in the sector came despite a decrease by the price of crude oil.

Steel, brokerage, commercial real estate and telecom stocks also moved notably higher amid broad based strength on Wall Street.

The major averages ended the day firmly in positive territory, just off their highs for the session. The Dow climbed 165.22 points or 0.9 percent to 17,826.6, the Nasdaq soared 73.40 points or 1.5 percent to 5,127.15 and the S&P 500 jumped 24.69 points or 1.2 percent to 2,104.05.

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