Major Averages Close Modestly Higher But Off Best Levels

(RTTNews) - Stocks moved modestly higher during trading on Thursday, regaining some ground after moving notably lower over the course of the two previous sessions. Buying interest was somewhat subdued, however, limiting the upside for the markets.

A positive reaction to news out of Europe contributed to the modest strength on Wall Street, as the European Central Bank provided additional details about its quantitative easing program.

Nonetheless, traders seemed somewhat reluctant to make any significant moves ahead of the release of the Labor Department's closely watched monthly jobs report on Friday.

Despite the upward move shown by the broader markets, most of the major sectors ended the day showing only modest moves.

Biotechnology stocks saw significant strength, however, with the NYSE Arca Biotechnology Index surging up by 2.3 percent. With the gain, the index reached a new record closing high.

Pharmacyclics (PCYC) helped to lead the biotech sector higher, with biopharmaceutical company jumping by 10.3 percent after agreeing to be acquired by AbbVie (ABBV) for $21 billion.

Brokerage, utilities, and retail stocks also moved to the upside on the day, while some weakness was visible among energy stocks.

The major averages ended the day in positive territory but off their highs for the session. The Dow edged up 38.82 points or 0.2 percent to 18,135.72, the Nasdaq rose 15.67 points or 0.3 percent to 4,982.81 and the S&P 500 inched up 2.51 points or 0.1 percent to 2,101.04.