News Column

Major Averages Close Firmly Positive, Offsetting Yesterday's Losses

July 22, 2014



WASHINGTON (Alliance News) - After moving notably higher in early trading on Tuesday, stocks continued to perform well throughout the session. The gains on the day offset the modest weakness that was seen in the previous session, extending the recent back-and-forth movement by the markets.

Computer hardware stocks turned in some of the market's best performances on the day, resulting in a 1.4% advance by the NYSE Arca Computer Hardware Index. With the gain, the index ended the session at a new record closing high.

Lexmark (LXK) helped lead the hardware sector higher, with the printer maker jumping by 2.6% after reporting better than expected second quarter results.

Significant strength was also visible among telecom stocks, as reflected by the 1.4% gain posted by the NYSE Arca Telecom Index. The gain lifted the index to its best closing level in well over a month.

Networking stocks also saw considerable strength on the day, resulting in a 1.4% gain by the NYSE Arca Networking Index. Arris Group (ARRS) and Ciena (CIEN) posted standout gains.

Transportation, housing, and oil service stocks also showed strong moves to the upside, while gold stocks bucked the uptrend amid a decrease by the price of the precious metal.

The major averages moved roughly sideways throughout much of the afternoon, hovering in positive territory. The Dow rose 61.81 points or 0.4% to 17,113.54, the Nasdaq advanced 31.31 points or 0.7% to 4,456.02 and the S&P 500 climbed 9.90 points or 0.5% to 1,983.53.



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Source: Alliance News


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