Major Averages Close Firmly Positive, Nasdaq Sets 14-Year Closing High

(RTTNews) - Stocks moved sharply higher over the course of the trading day on Monday, extending the notable upward move seen over the past several sessions. With the gains on the day, the tech-heavy Nasdaq ended the session at its best closing level in over fourteen years.

Airline stocks turned in some of the market's best performances on the day, driving the NYSE Arca Airline Index up by 2.9 percent. The gain extended a recent upward move by the index, which has climbed well off the two-month closing low set earlier this month.

Hawaiian Airlines parent Hawaiian Holdings (HA) and United Continental (UAL) posted standout gains within the sector, jumping by 4.8 percent and 4 percent, respectively.

Considerable strength was also visible among trucking stocks, as reflected by the 1.9 percent gain posted by the Dow Jones Trucking Index. With the gain, the index reached a new record closing high.

Steel stocks also saw significant strength on the day, resulting in a 1.7 percent gain by the NYSE Arca Steel Index. AK Steel (AKS) helped lead the sector higher, surging up by 8 percent.

Railroad, housing, and defense stocks also showed strong moves to the upside, moving higher along with most of the other major sectors.

The major averages remained firmly positive going into the close, holding near their best levels of the day. The Dow jumped 175.83 points or 1.1 percent to 16,838.74, the Nasdaq surged up 43.39 points or 1 percent to 4,508.31 and the S&P 500 advanced 16.68 points or 0.9 percent to 1,971.74.