Major Averages Close Near Their Best Levels Of The Day

(RTTNews) - Stocks moved sharply higher over the course of the trading day on Tuesday, partly offsetting the weakness that was seen last week. The rally on the day extended the volatility seen in the markets over the past several sessions.

Most of the major sectors showed notable moves to the upside on the day, reflecting broad based buying interest on Wall Street.

Semiconductor stocks posted particularly strong gains, with the Philadelphia Semiconductor Index surging up by 4.4 percent. With the gain, the index reached its best closing level in three weeks.

Microchip Technology (MCHP) helped to lead the semiconductor sector higher, jumping by 9.4 percent after raising its second quarter earnings and sales guidance.

Considerable strength also emerged among biotechnology stocks, as reflected by the 3.9 percent gain posted by the NYSE Arca Biotechnology Index. Regeneron (REGN) and Alnylam (ALNY) turned in two of the sector's best performances.

Railroad, steel, software, and computer hardware stocks also saw significant strength on the day, reflecting the broad based rally.

The major averages saw further upside going into the close, ending the session near their best levels of the day. The Dow jumped 390.30 points or 2.4 percent to 16,492.68, the Nasdaq soared 128.01 points or 2.7 percent to 4,811.93 and the S&P 500 surged up 48.19 points 2.5 percent at 1,969.41.