Major Averages Pull Back Off Best Levels But Still Close Higher

(RTTNews) - While buying interest faded late in the session, stocks managed to finish Tuesday's trading day mostly higher. The moderate gains on the day extended the rally that was seen over the course of the previous session.

Energy stocks saw substantial strength on the day, moving higher along with the price of crude oil. Crude for December delivery surged up $1.76 to $47.90 a barrel amid concerns about production disruptions in Brazil and Libya.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index shot up by 3.1 percent and the NYSE Arca Oil & Gas Index jumped by 2.7 percent.

Significant strength was also visible among computer hardware stocks, as reflected by the 1.8 percent gain posted by the NYSE Arca Computer Hardware Index. Cray (CRAY) and Seagate Technology (STX) posted notable gains.

Steel, airline, and chemical stocks also saw considerable strength on the day, while tobacco and telecom stocks moved to the downside.

The major averages ended the session well off their best levels of the day but still in positive territory. The Dow climbed 89.39 points or 0.5 percent to 17,918.15, the Nasdaq rose 17.98 points or 0.4 percent to 5,145.13 and the S&P 500 edged up 5.74 points or 0.3 percent to 2,109.79.