News Column

Major Averages Move Back To The Upside After Last Week's Pullback

July 14, 2014

WASHINGTON (Alliance News) - Stocks moved mostly higher during trading on Monday, regaining some ground after showing a notable pullback over the course of the previous week. The gains lifted the Dow back above 17,000, although it gave back some ground after reaching a record intraday high in early trading.

Despite the strong upward move by the broader markets, many of the major sectors ended the day showing only modest moves.

Tobacco stocks saw significant strength on the day, however, with the NYSE Tobacco Index advancing by 1.1%. With the gain, the index reached its best closing level in almost a month.

Internet and oil service stocks also showed notable moves to the upside, while most of the other major sectors saw more modest strength.

Meanwhile, gold stocks saw substantial weakness, dragging the NYSE Arca Gold Bugs Index down by 2.5%. The weakness in the sector came as gold for August delivery tumbled USD30.70 to USD1,306.70 an ounce.

Utilities stocks also moved to the downside on the day, resulting in a 1.1% drop by the Dow Jones Utilities Average. The loss pulled the average down to a nearly one-month closing low.

The major averages all closed firmly in positive territory but off their best levels of the day. The Dow climbed 111.61 points or 0.7% to 17,055.42, the Nasdaq advanced 24.93 points or 0.6% to 4,440.42 and the S&P 500 is up 9.53 points or 0.5% to 1,977.10.

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Source: Alliance News

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