Major Averages Close Mixed, Dow Sets New Record High

(RTTNews) - After showing a notable move to the upside in early trading on Wednesday, stocks turned mixed over the course of the session. For the second straight day, the major averages closed on opposite sides of the unchanged line.

While the Dow and the S&P 500 managed to remain in positive territory, the tech-heavy Nasdaq slid into the red. The Nasdaq dipped 7.92 points or 0.2 percent to 3,931.95, while the Dow jumped 128.66 points or 0.8 percent to 15,746.88 and the S&P 500 rose 7.52 points or 0.4 percent to 1,770.49.

With the strong gain on the day, the Dow broke out of a recent trading range to reach a new record closing high.

The blue chip index benefited from a notably advance by shares of Microsoft (MSFT), which jumped 4.2 percent after Reuters reported the company has narrowed its list of external candidates to replace Chief Executive Steve Ballmer to about five people.

With Microsoft helping to lead the way higher, software stocks saw considerable strength on the day. The Dow Jones Software Index jumped 2.3 percent to reach its best levels since 2000.

Sapient (SAPE) and Symantec (SYMC) posted notable gains along with Microsoft, advancing by 3.6 percent and 2 percent, respectively.

Utilities stocks also showed a strong move to the upside, driving the Dow Jones Utilities Average up by 1.3 percent. With the gain, the index reached a three-month closing high.

While gold and brokerage stocks also saw significant strength, biotechnology stocks came under substantial selling pressure on the day.

Reflecting the weakness in the biotech sector, the NYSE Arca Biotechnology Index tumbled by 2.7 percent. InterMune (ITMN) helped lead the sector lower after pricing its public offering of 6.5 million shares of its common stock at a discount to Tuesday's closing price.

Trucking stocks also saw notable weakness over the course of the session, dragging the Dow Jones Trucking Index down by 1.6 percent.