Major Averages Jump To Best Closing Levels In Two Months

(RTTNews) - Extending the rally seen over the course of the previous session, stocks moved sharply higher during trading on Friday. The gains on the day lifted the major averages to their best closing levels in at least two months.

Gold stocks showed a substantial move to the upside over the course of the trading day, driving the NYSE Arca Gold Bugs Index up by 3.1 percent. Seabridge Gold (SA) posted a standout gain, surging up by 12.4 percent.

The strength among gold stocks came despite a decrease by the price of the precious metal, as gold for December delivery fell $3.30 to $1,162.80 an ounce.

Significant strength was also visible among computer hardware stocks, as reflected by the 3.1 percent gain posted by the NYSE Arca Computer Hardware Index. Super Micro Computer (SMCI) helped lead the way higher after reporting first quarter results that came in line with estimates.

Electronic storage, internet, and networking stocks also moved notably higher, reflecting strength throughout the tech sector.

Pharmaceutical, biotechnology, and financial stocks also saw considerable strength, while utilities and natural gas stocks bucked the uptrend.

The major averages all closed firmly positive, although the Nasdaq outperformed its counterparts. While the Nasdaq soared 111.81 points or 2.3 percent to 5,031.86, the Dow climbed 157.54 points or 0.9 percent to 17,646.70 and the S&P 500 advanced 22.64 points or 1.1 percent to 2,075.15.

With the sharp increase seen over the past two days, the major averages closed substantially higher for the week. The Nasdaq surged up by 3 percent, while the Dow jumped by 2.5 percent and the S&P 500 shot up by 2.1 percent.