Major Averages Close Modestly Higher But Well Off Best Levels

(RTTNews) - Despite some late-day volatility, stocks managed to end Friday's trading mostly higher in reaction to upbeat employment data. The gains on the day more than offset the modest weakness seen in the previous session, lifting the Dow and the S&P 500 to new record highs.

Electronic storage stocks turned in some of the market's best performances on the day, resulting in a 2 percent gain by the NYSE Arca Disk Drive Index. With the gain, the index reached its best closing level in over three years.

Quantum (QTM) and Hutchinson Technology (HTCH) posted standout gains within the storage sector, jumping by 7.1 percent and 5.7 percent, respectively.

Banking and brokerage stocks also saw significant strength on the heels of the upbeat jobs data, with the Dow Jones Banks Index and the NYSE Arca Broker/Dealer Index climbing by 1.8 percent and 1.6 percent, respectively.

Adding to the strong gains posted in the previous session, airline stocks also moved notably higher on the day. The NYSE Arca Airline Index rose by 1.2 percent to its best closing level in over twelve years.

On the other hand, gold stocks showed a substantial move to the downside on the day, dragging the NYSE Arca Gold Bugs Index down by 2.6 percent. The weakness in the sector came as gold for February delivery tumbled $17.30 to $1,190.40 an ounce.

Energy stocks also moved lower along with the price of crude oil, while interest rate sensitive utilities stocks also saw some weakness.

The major averages ended the day modestly higher but well off their best levels. The Dow rose 58.69 points or 0.3 percent to 17,958.79, the Nasdaq inched up 11.32 points or 0.2 percent to 4,780.76 and the S&P 500 climbed 3.45 points or 0.2 percent to 2,075.37.

Nonetheless, the major averages turned in a mixed performance for the week. While the Nasdaq edged down by 0.2 percent, the Dow advanced by 0.7 percent and the S&P 500 rose by 0.4 percent.