Biotechnology stocks turned in a particularly strong performance on the day, driving the NYSE Arca Biotechnology Index up by 2%. With the gain, the index ended the session at its best closing level in almost two months.
Within the biotech sector,
Considerable strength was also visible among networking stocks, as reflected by the 1.6% gain posted by the NYSE Arca Networking Index. The index also reached a nearly two-month closing high amid strong gains by
Computer hardware, internet, and semiconductor also saw significant strength, contributing to the strong upward move by the tech-heavy Nasdaq.
While strength was also visible among financial stocks, gold stocks came under substantial selling pressure on the day amid a sharp drop by the price of the precious metal.
While the major averages all closed firmly in positive territory, the tech-heavy Nasdaq outperformed its counterparts. The Nasdaq jumped 51.26 point or 1.2% to 4,237.07, while the Dow rose 69.23 point or 0.4% to 16,675.50 and the S&P 500 climbed 11.38 points or 0.6% to 1,911.91.
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