Tech-Heavy Nasdaq Sets New Record Closing High

(RTTNews) - Stocks moved sharply higher over the course of the trading day on Thursday, adding to the gains posted in the two previous sessions. With the upward move on the day, the tech-heavy Nasdaq set new record intraday and closing highs.

While most of the major sectors moved notably higher on the day, biotechnology stocks posted particularly strong gains. The NYSE Arca Biotechnology Index surged up by 2.8 percent, reaching its best closing level in almost three months.

BioMarin (BMRN) helped to lead the biotech sector higher, jumping by 12.2 percent after reporting positive results from a study of its treatment for dwarfism.

Considerable strength was also visible among airline stocks, as reflected by the 2 percent gain posted by the NYSE Arca Airline Index. China Southern Airlines (ZNH), Allegiant (ALGT), and SkyWest (SKYW) posted standout gains.

Health care, utilities, semiconductor, and railroad stocks also saw significant strength amid broad based buying interest.

Meanwhile, oil service stocks bucked the uptrend, resulting in a 1.9 percent drop by the Philadelphia Oil Service Index. The weakness in the sector came despite an increase by the price of crude oil.

The major averages remained firmly positive going into the close, holding on to strong gains. The Nasdaq soared 68.07 points or 1.3 percent to 5,132.95, while the Dow jumped 180.10 points or 1 percent to 18,115.84 and the S&P 500 surged up 20.80 points or 1 percent to 2,121.24.