Major Averages Close Modestly Higher, Extending Recent Uptrend

(RTTNews) - Following the rally seen late in the previous session, stocks saw some further upside during trading on Friday. While buying interest was somewhat subdued on the day, the Dow and the S&P 500 reached their best closing levels in over a month.

Many of the major sectors ended the day showing only modest moves, although substantial strength was visible among gold stocks. The NYSE Arca Gold Bugs Index surged up by 6.2 percent to a nearly three-month closing high.

The rally by gold stocks came amid an increase by the price of the precious metal, with gold for December delivery climbing $11.60 to $1,155.90 an ounce.

Airline stocks also turned in a strong performance, resulting in a 2.8 percent gain by the NYSE Arca Airline Index. United Continental (UAL) helped lead the sector higher after raising its third quarter profit margin forecast.

Steel, biotechnology, and trucking stocks also saw notable strength on the day, while brokerage and natural gas stocks moved to the downside.

The major averages posted modest gains but closed off their highs for the session. The Dow edged up 33.74 points or 0.2 percent to 17,084.49, the Nasdaq rose 19.68 points or 0.4 percent to 4,830.47 and the S&P 500 inched up 1.46 points or 0.1 percent to 2,014.89.

Reflecting the upward trend seen over the past few days, the major averages all moved notably higher for the week. The Dow soared by 3.7 percent, while the S&P 500 jumped by 3.3 percent and the Nasdaq surged up by 2.6 percent.