Major Averages Close Modestly Higher After Choppy Trading Day

(RTTNews) - After showing a lack of direction throughout much of the trading session on Friday, stocks managed to end the day mostly higher. With the upward move, the markets extended the recovery from the sell-off seen in early trading on Thursday.

Despite the strength shown by the broader markets at the close, most of the major sectors ended the day showing only modest moves.

Gold stocks saw considerable strength on the day, however, with the NYSE Arca Gold Bugs Index jumping by 2.4 percent. The index offset the steep loss posted in the previous session to reach a nearly four-month closing high.

The rebound by gold stocks came despite a modest decrease by the price of the precious metal, as gold for August delivery slid $1.80 to $1,337.40 an ounce.

Biotechnology, internet, and airline stocks also saw notable strength on the day, while significant weakness was visible among natural gas stocks.

The major averages closed modestly higher, near their best levels of the day. The Dow rose 28.74 points or 0.2 percent to 16,943.81, the Nasdaq climbed 19.29 points or 0.4 percent to 4,415.49 and the S&P 500 edged up 2.89 points or 0.2 percent to 1,967.57.

Despite the gains on the day, the major averages all moved lower for the week. The Nasdaq tumbled by 1.6 percent, while the Dow and the S&P 500 dropped by 0.7 percent and 0.9 percent, respectively.