Major Averages Close Moderately Higher Following Choppy Trading

(RTTNews) - Stocks showed a lack of direction throughout much of the trading day on Friday but managed to end the session moderately higher. The Dow and the S&P 500 reached nearly two-month closing highs, while the Nasdaq rose to its best levels in a month.

Despite the higher close by the broader markets, gold stocks saw substantial weakness on the day. The NYSE Arca Gold Bugs Index tumbled by 3.1 percent, pulling back further off the three-month closing high set on Wednesday.

The weakness among gold stocks came amid a decrease by the price of precious metal, with gold for December delivery sliding $4.40 to $1,183.10 an ounce.

Oil service stocks also came under significant selling pressure, resulting in a 2.4 percent drop by the Philadelphia Oil Service Index. Schlumberger (SLB) posted a notable loss after reporting weaker than expected third quarter revenues.

Electronic storage, transportation, and steel stocks also saw considerable weakness on the day, while strength was visible among pharmaceutical stocks.

The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow rose 74.22 points or 0.4 percent to 17,215.97, the Nasdaq edged up 16.59 points or 0.3 percent to 4,886.69 and the S&P 500 climbed 9.25 points or 0.5 percent to 2,033.11.