Major Averages Close Modestly Higher On The Day But Lower For The Week

(RTTNews) - While buying interest remained somewhat subdued, stocks moved modestly higher over the course of the trading day on Friday. The slim gains on the day partly offset the notable pullback seen in the two previous sessions.

A majority of the major sectors moved to the upside on the day, but most still ended the day showing relatively modest moves.

Computer hardware stocks saw significant strength, however, with the NYSE Arca Computer Hardware Index advancing by 1.6 percent. Hewlett-Packard (HPQ) posted a standout gain, jumping by 5.3 percent.

Software, internet, and semiconductor stocks also moved notably higher, reflecting strength in the tech sector as a whole following upbeat guidance from semiconductor giant Intel (INTC).

Energy and transportation stocks also saw some strength on the day, with airline stocks regaining some ground after falling rather sharply over the past few sessions.

The major averages saw some volatility in the final hour of trading but managed to close in positive territory. The Dow rose 41.55 points or 0.3 percent to 16,775.74, the Nasdaq climbed 13.02 points or 0.3 percent to 4,310.65 and the S&P 500 advanced 6.05 points or 0.3 percent to 1,936.16.

Despite the modest gains on the day, the major averages all moved lower for the week. The Dow and the S&P 500 fell by 0.9 percent and 0.7 percent, respectively, while the Nasdaq edged down by 0.2 percent.