29.08.2013 22:21:39
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Major Averages Pull Back Off Highs But End In Positive Territory
(RTTNews) - After showing a strong upward move in morning trading on Thursday, stocks gave back some ground in the afternoon but still ended the day mostly higher. The markets benefited from easing concerns about Syria as well as some upbeat economic data.
Airline stocks managed to hold on to strong gains for the session, resulting in a 2 percent advance by the NYSE Arca Airline Index. The gain by the index came after it ended the previous session at a two-month closing low.
The rebound by airline stocks came as the price of crude oil gave back some ground after surging higher over the past few sessions. Crude for October delivery dipped $1.30 to $108.80 a barrel.
Considerable strength also remained visible among housing stocks, as reflected by the 1.7 percent gain posted by the Philadelphia Housing Sector Index. With the gain, the index bounced off the eight-month closing low set on Wednesday.
Semiconductor, biotechnology, and brokerage stocks also turned in strong performances, while oil stocks gave back ground amid the drop by the price of crude oil.
The major averages all ended the day in positive territory, although the Nasdaq outperformed its counterparts. While the Nasdaq climbed 26.95 points or 0.8 percent to 3,620.30, the Dow inched up 16.44 points or 0.1 percent to 14,840.95 and the S&P 500 edged up 3.21 points or 0.2 percent to 1,638.17.
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