News Column

Major Averages Close Firmly Positive, Nasdaq Outperforms

May 27, 2014

WASHINGTON (Alliance News) - After moving mostly higher in early trading, stocks continued to perform well throughout the trading day on Tuesday. The gains on the day extended the recent upward move by the markets, with the S&P 500 reaching a new record closing high.

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, BioCryst Pharmaceuticals (BCRX) posted a standout gain after reporting positive results from a trial of its experimental drug for treating a rare immune disorder.

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 Alcatel-Lucent (ALU) and Arris Group (ARRS).

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.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News