Major Averages Close Firmly In Positive Territory

(RTTNews) - Stocks moved mostly higher over the course of the trading day on Wednesday, partly offsetting the notable pullback seen over the two previous sessions. The markets benefited from a positive reaction to earnings news from Alcoa (AA) and the minutes of the latest Federal Reserve meeting.

Gold stocks showed a substantial move to the upside over the course of the trading day, driving the NYSE Arca Gold Bugs Index up by 2.8 percent. With the gain, the index reached its best closing level in well over three months.

The strength among gold stocks came amid an increase by the price of the precious metal, with gold for August delivery climbing $7.80 to $1,324.30 an ounce.

Significant strength also emerged among biotechnology stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Biotechnology Index. Exact Sciences (EXAS), InterMune (ITMN), and Alexion (ALXN) turned in some of the sector's best performances.

Telecom stocks also saw notable strength on the day, with America Movil (AMX) leading the way higher amid news that the Mexican telecom giant is prepared to divest assets to avoid the impact of new regulations.

Similarly, American Airlines (AAL) helped lead the airline sector higher after raising its forecast for second quarter growth in passenger revenue per available seat mile.

The major averages moved roughly sideways going into the close, hovering firmly in positive territory. The Dow climbed 78.99 points or 0.5 percent to 16,985.61, the Nasdaq advanced 27.57 points or 0.6 percent to 4,419.03 and the S&P 500 rose 9.12 points or 0.5 percent to 1,972.83.