Major Averages Close Higher But Well Off Best Levels Of The Day

(RTTNews) - While buying interest was somewhat subdued, stocks managed to end Tuesday's trading mostly higher. The gains on the day partly offset the steep drop seen in the previous session, although the major averages remain well off their recent highs.

Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 2.4 percent. The index regained some ground after falling sharply over the four previous sessions.

Agios Pharmaceuticals (AGIO) and Celldex Therapeutics (CLDX) turned in two of the biotech sector's best performances, jumping by 6.5 percent and 6.6 percent, respectively.

Significant strength was also visible among airline stocks, as reflected by the 1.5 percent gain posted by the NYSE Arca Airline Index. The gain by the index came after it plunged by 3.5 percent on Monday.

Brokerage and internet stocks also saw notable strength following the steep losses posted in the previous session.

Meanwhile, steel stocks saw some further downside, dragging the NYSE Arca Steel Index down by 2.3 percent. With the drop, the index fell to a six-year closing low.

Considerable weakness was also visible in the electronic storage sector, with the NYSE Arca Disk Drive Index tumbling by 2.3 percent to its worst closing level in a year.

The major averages finished the session in positive territory but well off their best levels of the day. The Dow edged up 23.16 points or 0.1 percent to 17,619.51, the Nasdaq climbed 28.40 points or 0.6 percent to 4,986.87 and the S&P 500 rose 5.48 points or 0.3 percent to 2,063.12.