Major Averages Close At Their Best Levels Of The Day

(RTTNews) - After moving moderately higher in morning trading on Wednesday, stocks accelerated to the upside following the release of the minutes of the latest Federal Reserve meeting. The markets extended the upward move seen in the previous session, further offsetting the recent pullback.

Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 3.8 percent. The gain by the index came after it ended the previous session at a two-month closing low.

Nektar Therapeutics (NKTR), Vertex (VRTX), and Regeneron (REGN) turned in some of the biotech sector's best performances.

Significant strength also emerged among airline stocks, as reflected by the 2.6 percent gain posted by the NYSE Arca Airline Index. The index regained some ground after closing lower for four straight sessions but remains well off last Wednesday's nearly twelve-year closing high.

Healthcare and pharmaceutical stocks also saw considerable strength on the day, with the Dow Jones Health Care Index and the NYSE Arca Pharmaceutical Index advancing by 2.2 percent and 1.9 percent, respectively.

Most of the other major sectors also moved to the upside on the day, with notable strength visible among software, defense, and chemical stocks.

The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow jumped 181.04 points or 1.1 percent to 16,437.18, the Nasdaq soared 70.91 points or 1.7 percent to 4,183.90 and the S&P 500 surged up 20.22 points or 1.1 percent to 1,872.18.