Major Averages Pull Back Off Early Highs But Remain Positive

(RTTNews) - After moving notably higher in early trading on Monday, stocks gave back ground over the course of the session but managed to remain mostly positive. The gains on the day extended the rally that was seen in the previous session.

Despite the advance by the broader markets, most of the major sectors finished the session showing only modest moves.

Banking stocks saw considerable strength, however, with the Dow Jones Banks Index climbing by 1.4 percent. With the gain, the index reached its best closing level in four months.

First Niagara (FNFG), M&T Bank (MTB), and Bank of America (BAC) turned in some of the banking sector's best performances.

Networking, trucking, and brokerage stocks also saw some strength on the day, although buying interest was somewhat subdued.

On the other hand, airline stocks came under pressure over the course of the session, dragging the NYSE Arca Airline Index down by 1.2 percent.

Republic Airways (RJET) helped to lead the airline sector lower, tumbling by 6.6 percent after providing disappointing first quarter guidance.

The major averages ended the day modestly higher but well off their best levels. The Dow rose 46.34 points or 0.3 percent to 18,070.40, the Nasdaq edged up 11.54 points or 0.2 percent to 5,016.93 and the S&P 500 climbed 6.20 points or 0.3 percent to 2,114.49.