Major Averages Turn Positive For The New Year

(RTTNews) - Extending the rally seen in the previous session, stocks moved sharply higher over the course of the trading day on Thursday. The gains on the day further offset the recent pullback by the markets, with the major averages turning positive for the New Year.

Reflecting another day of broad based buying interest, most of the major sectors showed strong moves to the upside on the day.

Semiconductor stocks turned in some of the market's best performances, driving the Philadelphia Semiconductor Index up by 2.9 percent. The index continued to regain ground after ending Tuesday's trading at its lowest closing level in well over a month.

Within the semiconductor sector, Freescale Semiconductor (FSL), Marvell Technology (MRVL), and Avago Technologies (AVGO) posted standout gains.

Considerable strength was also visible among trucking stocks, as reflected by the 2.8 percent gain posted by the Dow Jones Trucking Index. The gain by the index came after it ended the previous session at a two-month closing low.

Energy, computer hardware, railroad and chemical stocks also saw significant strength, while gold stocks were among the only groups to buck the uptrend amid a modest decrease by the price of the precious metal.

The major averages moved roughly sideways going into the close, holding on to substantial gains. The Dow soared 323.35 points or 1.8 percent to 17,907.87, the Nasdaq shot up 85.72 points or 1.8 percent to 4,736.19 and the S&P 500 jumped 36.24 points or 1.8 percent to 2,062.14.