Major Averages Close Firmly Positive But Off Best Levels

(RTTNews) - Stocks moved moderately higher over the course of the trading session on Thursday after initially showing a lack of direction. The gains on the day partly offset the notable weakness seen in the two previous sessions.

Housing stocks showed a strong move to the upside over the course of the trading day, driving the Philadelphia Housing Sector Index up by 1.9 percent. The gain by the index came after it held at a three-month closing low in the previous session.

Lennar (LEN), Vulcan Materials (VMC) and Ryland Group (RYL) turned in some of the housing sector's best performances on the day.

Bargain hunting also contributed to considerable strength among commercial real estate stocks, with the Morgan Stanley REIT Index climbing by 1.4 percent after ending Wednesday's trading at its lowest closing level in six months.

Electronic storage, airline, and semiconductor stocks also moved notably higher on the day, while significant weakness was visible among oil service stocks.

Reflecting the weakness in the oil service sector, the Philadelphia Oil Service Index tumbled by 2.7 percent. The losses by oil service stocks came as crude oil for June delivery fell $1.99 to $58.94 a barrel.

Steel, natural gas, and tobacco stocks also came under pressure on the day, helping to limit the upside for the broader markets.

The major averages ended the day firmly in positive territory but off their highs for the session. The Dow climbed 82.08 points or 0.5 percent to 17,924.06, the Nasdaq advanced 25.90 points or 0.5 percent to 4,945.54 and the S&P 500 rose 7.85 points or 0.4 percent to 2,088.00.