Major Averages Close Higher For Fourth Straight Session

(RTTNews) - Stocks showed a lack of direction throughout much of the trading day on Wednesday but managed to close modestly higher. The gains extended the recent upward trend by the markets, with the S&P 500 reaching a new record closing high.

While many of the major sectors ended the day showing only modest moves, substantial strength was visible among gold stocks. The NYSE Arca Gold Bugs Index surged up by 2.8 percent, climbing further off the nearly two-month closing low set on Monday.

The strength among gold stocks came amid an increase by the price of the precious metal, as gold for June delivery climbed $10.80 to $1,290.80 an ounce.

Trucking and airline stocks also saw notable strength on the day, with the Dow Jones Trucking Index and the NYSE Arca Airline Index rising by 1.1 percent and 1 percent, respectively. The airline index reached a nearly twelve-year closing high.

Tobacco, steel, and natural gas stocks also moved to the upside, while modest weakness was visible among software stocks.

The major averages closed in positive territory for the fourth consecutive session. The Dow rose 40.39 points or 0.2 percent to 16,573.00, the Nasdaq edged up 8.42 points or 0.2 percent to 4,276.46 and the S&P 500 climbed 5.38 points or 0.3 percent to 1,890.90.