Major Averages Close Higher For The Session And The Week

(RTTNews) - Stocks moved modestly higher over the course of the trading day on Friday, although buying interest remained relatively subdued. Uncertainty about the outlook for next week's Federal Reserve meeting kept some traders on the sidelines.

Airline stocks turned in some of the market's best performances on the day, resulting in a 2.3 percent gain by the NYSE Arca Airline Index. With the gain, the index climbed back near the one-month closing high set on Tuesday.

The strength in the oil-sensitive airline sector came amid a pullback by the price of crude oil, with crude for October delivery sliding $$0.39 to $108.21 a barrel.

Considerable strength also emerged among gold stocks, which moved higher despite a notable decrease by the price of the precious metal. Reflecting the strength in the gold sector, the NYSE Arca Gold Bugs Index advanced by 1.4 percent.

Healthcare provider and health insurance stocks also turned in strong performances, with the Morgan Stanley Healthcare Provider Index and the Morgan Stanley Healthcare Payor Index both rising by 1.4 percent. The Healthcare Payor Index reached a new record closing high.

Tobacco, chemical, and utilities stocks also saw some strength on the day, while most of the other major sectors showed only modest moves.

The major averages ended the day in positive territory, resuming the upward trend seen earlier in the week. The Dow rose 75.42 points or 0.5 percent to 15,376.06, the Nasdaq edged up 6.22 points or 0.2 percent to 3,722.18 and the S&P 500 climbed 4.57 points or 0.3 percent to 1,687.99.

For the week, the major averages all posted notable gains. The Dow surged up by 3 percent, while the Nasdaq and the S&P 500 jumped by 1.7 percent and 2 percent, respectively.