Major Averages Close In Positive Territory, But Dow Just Slightly

(RTTNews) - After turning in a lackluster performance for much of the session, stocks ended Friday's trading mostly higher. The gains on the day extended the strong upward trend that has been shown by the markets over the past few weeks.

Biotechnology stocks showed a strong move to the upside over the course of the session, driving the NYSE Arca Biotechnology Index up by 2.5 percent. With the gain, the index reached a new record closing high.

Alexion Pharmaceuticals (ALXN) helped to lead the biotech sector higher, surging up by 12.6 percent on the heels of a report from Bloomberg News indicating that Roche (RHHBY) is seeking financing for a potential takeover of the company.

Significant strength also emerged among electronic storage stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Disk Drive Index. The gain lifted the index to its best closing level in well over a year.

Banking stocks also turned in a strong performance on the heels of the news from JP Morgan and Wells Fargo, resulting in a 1.3 percent gain by the KBW Bank Index. Telecom and oil service also saw notable strength on the day.

Meanwhile, gold stocks came under pressure, giving back some ground after ending the previous session sharply higher. The NYSE Arca Gold Bugs Index fell by 2.5 percent, partly offsetting the 7.9 percent gain posted on Thursday.

Steel stocks also gave back some ground, with the NYSE Arca Steel Index dropping by 1.9 percent after ending Thursday's trading up by 4 percent.

The major averages all ended the day in positive territory, although the Dow posted only a modest gain. While the Dow inched up 3.38 points or less than a tenth of a percent to 15,464.30, the Nasdaq advanced 21.78 points or 0.6 percent to 3,600.08 and the S&P 500 climbed 5.17 points or 0.3 percent to 1,680.19.

For the week, the major averages all posted substantial gains. The Nasdaq soared by 3.5 percent, while the S&P 500 jumped by 3 percent and Dow surged up by 2.2 percent.