Major Averages Close Firmly Positive After Seeing Initial Weakness

(RTTNews) - Stocks showed a substantial turnaround over the course of the trading day on Monday after coming under pressure early in the session. The markets benefited from renewed optimism about lawmakers reaching an agreement to end the latest fiscal crisis.

Most of the major sectors moved to the upside over the course of the trading day after coming under pressure in early trading.

Steel stocks showed a particularly strong upward move, driving the NYSE Arca Steel Index up by 1.6 percent. With the gain, the index reached its best closing level in almost a month.

Considerable strength also emerged among biotechnology stocks, as reflected by the 1.1 percent gain posted by the NYSE Arca Biotechnology Index. Myriad Genetics (MYGN) and Vertex Pharmaceuticals (VRTX) turned in two of the biotech sector's best performances.

Computer hardware stocks also moved notably higher on the day, with the NYSE Arca Computer Hardware Index rising by 1 percent to a thirteen-year closing high.

The major averages moved roughly sideways going into the close, hovering in positive territory. The Dow rose 6415 points or 0.4 percent to 15,301.26, the Nasdaq advanced 23.40 points or 0.6 percent to 3,815.27 and the S&P 500 climbed 6.94 points or 0.4 percent to 1,710.14.