Major Averages Pull Back Off Highs But Close In Positive Territory

(RTTNews) - After moving sharply higher over the course of the two previous sessions, stocks saw some further upside during trading on Friday. With the gains on the day, the major averages further offset the sell-off that was seen earlier this month.

Extending a recent recovery, oil service stocks turned in some of the market's best performances on the day. The Philadelphia Oil Service Index surged up by 4 percent, climbing further off the two-year closing low set last Friday.

The continued strength among oil service stocks came amid a notable increase by the price of crude oil, with crude for January delivery jumping $2.41 to $56.52 a barrel.

Other energy stocks also moved higher along with the price of crude oil, driving the NYSE Arca Oil & Gas Index and the NYSE Arca Natural Gas Index up by 3.2 percent and 2 percent, respectively.

Steel stocks also climbed further off their recent lows, resulting in a 2.8 percent advance by the NYSE Arca Steel Index. Russian steel giant Mechel (MTL) posted a standout gain, soaring by 46.5 percent.

Chemical, trucking, and internet stocks also saw significant strength on the day, while gold stocks gave back some ground after rising sharply over the two previous sessions.

The major averages pulled back off their best levels going into the close but remained in positive territory. The Dow edged up 26.65 points or 0.2 percent to 17,804.80, the Nasdaq rose 16.98 points or 0.4 percent to 4,765.38 and the S&P 500 climbed 9.42 points or 0.5 percent to 2,070.65.