Major Averages Post Modest Gains On Bernanke Remarks

(RTTNews) - While buying interest was somewhat subdued, stocks moved modestly higher over the course of the trading day on Wednesday. The markets benefited from a positive reaction to remarks by Federal Reserve Chairman Ben Bernanke.

Airline stocks turned in some of the markets' best performances on the day, resulting in a 2.4 percent gain by the NYSE Arca Airline Index. With the gain, the index reached a six-year closing high.

United Continental (UAL) helped to lead the airline sector higher, with shares of the giant airline surging up by 8.1 percent.

Significant strength was also visible among steel stocks, as reflected by the 1.5 percent gain posted by the NYSE Arca Steel Index. The gain lifted the index to its best closing level in well over a month.

Tobacco, chemical, and networking stocks also posted strong gains, with the gains by tobacco stocks lifting the NYSE Arca Tobacco Index to a record closing high.

Meanwhile, gold stocks gave back some ground after ending the previous session sharply higher. The NYSE Arca Gold Bugs Index fell by 2.8 percent, partly offsetting the 5.6 percent gain posted on Tuesday.

A decrease by the price of gold contributed to the pullback the sector, with gold for August delivery sliding $12.90 to $1,277.50 an ounce.

The major averages moved to the upside going into the close, ending the day modestly higher. The Dow inched up 18.67 points or 0.1 percent to 15,470.52, the Nasdaq rose 11.50 points or 0.3 percent to 3,610.00 and the S&P 500 climbed 4.65 points or 0.3 percent to 1,680.91.