Dow And S&P 500 Close Higher, Snap 5-Day Losing Streak

(RTTNews) - After showing a strong move to the upside in early trading on Thursday, stocks gave back some ground as the day progressed but still managed to close mostly higher. The gains on the day partly offset the recent pullback by the markets.

The early strength on Wall Street was partly due to bargain hunting following the recent weakness in the markets, with the Dow and the S&P 500 rebounding after closing lower for five straight days.

Many of the major sectors ended the day showing only modest moves, although considerable strength remained visible among biotechnology stocks. The NYSE Arca Biotechnology Index jumped by 2 percent after closing lower for five consecutive sessions.

Sequenom (SQNM) and Regeneron Pharmaceuticals (REGN) turned in two of the biotech sector's best performances, advancing by 4.5 percent and 4.6 percent, respectively.

Internet, retail, and airline stocks were also showing some at the close, although buying interest waned from earlier in the session.

Meanwhile, gold stocks came under significant selling pressure, moving lower along with the price of the precious metal. With gold for December delivery falling $12.10 to $1,324.10 an ounce, the NYSE Arca Gold Bugs Index dropped by 1.4 percent.

The major averages moved to the upside going into the close but remained well off their best levels. The Dow rose 55.04 points or 0.4 percent to 15,328.30, the Nasdaq advanced 26.33 points or 0.7 percent to 3,787.43 and the S&P 500 climbed 5.90 points or 0.4 percent to 1,698.67.