Major Averages Close Firmly In Positive Territory

(RTTNews) - Stocks moved sharply higher over the course of the trading day on Wednesday after initially showing a lack of direction. The strong gains on the day partly offset the notable pullback seen over the two previous sessions.

Biotechnology stocks showed a substantial move to the upside over the course of the session, driving the NYSE Arca Biotechnology Index up by 2.8 percent. With the gain, the index reached a new record closing high.

Within the biotech sector, shares of Acorda Therapeutics (ACOR) surged up by 28.2 percent after the company agreed to acquire Civitas Therapeutics for $525 million in cash.

Reflecting strength in the broader healthcare sector, the Dow Jones Healthcare Index also jumped 1.7 percent to a new record closing high.

Considerable strength was also visible among retail stocks, as reflected by the 1.4 percent gain posted by the Dow Jones Retail Index. Industry giant Wal-Mart (WMT) posted a notable gain, climbing by 2 percent.

Software, semiconductor, internet, and chemical stocks also saw significant strength, while gold stocks were among the few groups to buck the uptrend.

The major averages ended the day firmly in positive territory, near their highs for the session. The Dow jumped 154.19 points or 0.9 percent to 17,210.06, the Nasdaq surged up 46.53 points or 1 percent to 4,555.22 and the S&P 500 climbed 15.53 points or 0.8 percent to 1,998.30.