Major Averages Move To The Upside, Dow And S&P 500 Reach New Highs

(RTTNews) - Stocks moved mostly higher over the course of the trading day on Friday, extending the upward trend seen over the past few sessions. Buying interest was somewhat subdued, but the Dow and the S&P 500 still managed to reach new record highs.

Biotechnology stocks showed a substantial move to the upside over the course of the trading day, driving the NYSE Arca Biotechnology Index up by 2 percent. With the gain, the index reached its best closing level in well over a month.

BioMarin (BMRN) helped to lead the biotech sector higher, with the biopharmaceutical company jumping 7.7 percent after French regulators granted temporary authorization for sales of Vimizim for the treatment of Morquio A Syndrome.

Considerable strength also emerged among telecom stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Telecom Index. A strong gain by Sprint (S) helped lift the index to a five-year closing high.

Trucking, networking, and steel stocks also saw significant strength, moving higher along with most of the other major sectors.

On the other hand, gold stocks came under pressure on the day even though the price of the precious metal closed modestly higher. Reflecting the weakness in the sector, the NYSE Arca Gold Bugs Index fell by 1.6 percent.

The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow climbed 85.48 points or 0.5 percent to 15,961.70, the Nasdaq edged up 13.23 points or 0.3 percent to 3,985.97 and the S&P 500 rose 7.56 points or 0.4 percent to 1,798.18.

For the week, the major averages all posted notable gains. The Dow advanced by 1.3 percent, while the Nasdaq and the S&P 500 jumped by 1.7 percent and 1.6 percent, respectively.