Major Averages Close Near Their Highs For The Session

(RTTNews) - After showing a lack of direction throughout much of the previous session, stocks moved sharply higher over the course of the trading day on Thursday. The Dow closed higher for the fourth consecutive session, reaching its best closing level in almost a month.

A notable rebound by the price of crude oil contributed to the strength on Wall Street, with crude regaining some ground following the sharp pullback seen on Wednesday.

Crude for March delivery jumped $2.03 to $50.48 a barrel on the day after plunging $4.60 to $48.45 a barrel in the previous session.

Rebounding along with the price of crude oil, oil service stocks showed a strong move to the upside on the day. The Philadelphia Oil Service Index surged up by 2.6 percent, partly offsetting the 3 percent loss posted on Wednesday.

Weatherford International (WFT) turned in one of the oil service sector's best performances after announcing plans to cut up to 8,000 jobs.

Biotechnology stocks also regained some ground following recent weakness, driving the NYSE Arca Biotechnology Index up by 2.4 percent. ImmunoGen (IMGN) and Regeneron (REGN) posted notable gains.

Considerable strength was also visible among chemical stocks, as reflected by the 2.3 percent gain posted by the Dow Jones Chemicals Index. With the gain, the index reached a two-month closing high.

Steel, networking, natural gas, and electronic storage stocks also saw notable strength on the day, moving higher along with most of the other major sectors.

The major averages saw further upside going into the close, ending the session near their highs for the session. The Dow jumped 211.86 points or 1.2 percent to 17,884.88, the Nasdaq climbed 48.39 points or 1 percent to 4,765.10 and the S&P 500 advanced 21.01 points or 1 percent to 2,062.52.