Major Averages Extend Uptrend With Slightly Higher Close

(RTTNews) - Following the strong upward move seen last week, stocks turned in a lackluster performance during trading on Monday before closing modestly higher. The gains on the day lifted the Dow and the S&P 500 to their best closing levels in almost two months.

Despite the modestly higher close by the broader markets, substantial weakness was visible among gold stocks. The NYSE Arca Gold Bugs Index plummeted by 3.6 percent after ending last Friday's trading at a nearly three-month closing high.

The sharp pullback by gold stocks came even though the price of gold for December delivery climbed $8.60 to $1,164.50 an ounce.

Energy stocks also came under pressure on the day, moving lower along with the price of crude oil. Crude for November delivery plunged $2.53 to $47.10 a barrel.

Meanwhile, airline stocks showed a strong move to the upside on the day, driving the NYSE Arca Airline Index up by 2.3 percent. With the gain, the index ended the session at its best closing level in two months.

SkyWest (SKYW) helped to lead the airline sector higher, with the regional airline soaring by 11.4 percent to a six-year high.

The major averages finished the choppy trading day in positive territory. The Dow rose 47.37 points or 0.3 percent to 17,131.86, the Nasdaq edged up 8.17 points or 0.2 percent to 4,838.64 and the S&P 500 inched up 2.57 points or 0.1 percent to 2,017.46.