Major Averages Pull Back Off Best Levels But Still Close Higher

(RTTNews) - While stocks moved sharply higher at the start of trading on Friday, buying interest waned not long after the open. The major averages subsequently pulled back well off their highs for the session but managed to close in positive territory.

Most of the major sectors ended the session well off their best levels of the day, although considerable strength remained visible among steel stocks.

The NYSE Arca Steel Index surged up by 3.8 percent, continuing to regain ground after ending Wednesday's trading at its lowest closing level in over a year. The strength in the sector reflected optimism about the outlook for Chinese demand.

Energy stocks also continued to perform well throughout the day, benefiting from an increase by the price of crude oil. Crude for January delivery climbed $0.66 to $76.51 a barrel.

Chemical, semiconductor, and telecom stocks also ended the day notably higher, while most of the other major sectors showed more modest moves.

The gains on the day lifted the Dow and the S&P 500 to new record closing highs. The Dow climbed 91.06 points or 0.5 percent to 17,810.06, the Nasdaq edged up 11.10 points or 0.2 percent to 4,712.97 and the S&P 500 advanced 10.75 points or 0.5 percent to 2,063.50.

For the week, the Nasdaq rose by 0.5 percent, while the Dow and the S&P 500 jumped by 1 percent and 1.2 percent, respectively.