Major Averages Close Firmly Positive, Nasdaq Reaches Nearly 1-Month High

(RTTNews) - Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month.

With Microsoft (MSFT) helping to lead the way higher, software stocks showed a particularly strong move to the upside on the day. Reflecting the strength in the sector, the Dow Jones Software Index surged up by 2.1 percent.

Shares of Microsoft surged up by 2.5 percent after the software giant reported fiscal first quarter results that beat expectations.

Significant strength also emerged among airline stocks, as reflected by the 2 percent gain posted by the NYSE Arca Airline Index. With the gain, the index reached its best closing level in a month.

Railroad stocks also turned in a strong performance on the day, driving the Dow Jones Railroads Index up by 1.7 percent to a record closing high. Union Pacific (UNP) helped to lead the sector higher.

Steel, healthcare, biotechnology, and utilities stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.

The major averages saw further upside going into the close, ending the session near their best levels of the day. The Dow climbed 127.51 points or 0.8 percent to 16,805.41, the Nasdaq advanced 30.92 points or 0.7 percent to 4,483.72 and the S&P 500 rose 13.76 points or 0.7 percent to 1,964.58.

For the week, the major averages all posted substantial gains. The Nasdaq soared 5.3 percent, the S&P 500 jumped 4.1 percent and the Dow surged up 2.6 percent.