Major Averages Pull Back Well Off Highs But Close In Positive Territory

(RTTNews) - After moving sharply higher at the open, stocks gave back ground over the course of the trading day on Thursday but managed to close modestly high. The gains on the day came on the heels of the sell-off that was seen in the previous session.

Despite the pullback by the broader markets, significant strength remained visible among airline stocks. Reflecting the strength in the airline sector, the NYSE Arca Airline Index jumped 1.6 percent, bouncing off its worst closing level in eight months.

China Southern Airlines (ZNH) posted a standout gain within the airline sector, soaring by 13.3 percent amid the rebound by Chinese stocks.

Biotechnology stocks also regained some ground following yesterday's sell-off, with the NYSE Arca Biotechnology Index climbing by 1.4 percent. Novavax (NVAX) helped to lead the sector higher, surging up by 11 percent.

Financial, trucking, and oil service stocks also saw considerable strength but closed well off their highs for the session.

On the other hand, computer hardware and semiconductor stocks came under pressure as the day progressed, dragging the NYSE Arca Computer Hardware Index and the Philadelphia Semiconductor Index down by 1.6 percent and 1.3 percent, respectively.

The major averages closed in positive territory but well off their best levels of the day. The Dow crept up 33.20 points or 0.2 percent to 17,548.62, the Nasdaq rose 12.64 points or 0.3 percent to 4,922.40 and the S&P 500 edged up 4.63 points or 0.2 percent to 2,051.31.