Major Averages Close Sharply Higher, Dow Reaches New Record Closing High

(RTTNews) - After ending the previous session sharply lower, stocks showed a substantial rebound during trading on Friday. The markets benefited from a positive reaction to much better than expected monthly jobs data.

In a marked reversal from yesterday's performance, most of the major sectors showed strong moves to the upside amid broad based buying interest.

Biotechnology stocks posted particularly strong gains on the day, regaining some ground after falling sharply over the past few sessions. The NYSE Arca Biotechnology Index surged up by 3.8 percent, bouncing off its worst closing level in a month.

Nektar Therapeutics (NKTR) helped lead the biotech sector higher, with biopharmaceutical company jumping 21 percent after reporting better than expected third quarter results.

Substantial strength was also visible among banking stocks, as reflected by the 3.4 percent gain posted by the Dow Jones Banks Index. Regions Financial (RF) and Zions Bancorp (ZION) turned in two of the sector's best performances.

Networking stocks also showed a considerable upward move on the day, driving the NYSE Arca Networking Index up by 2.7 percent.

Brokerage, oil service, airline, and chemical stocks also saw notable strength, more than offsetting weakness in the commercial real estate and housing sectors.

The major averages saw further upside going into the close, with the Dow reaching a new record closing high. The Dow jumped 167.80 points or 1.1 percent to 15,761.78, the Nasdaq soared 61.90 points or 1.6 percent to 3,919.23 and the S&P 500 surged up 23.46 points or 1.3 percent to 1,770.61.

For the week, the major averages turned in a mixed performance. While the Nasdaq edged down by 0.1 percent, the Dow advanced by 0.9 percent and the S&P 500 rose by 0.5 percent.