Nasdaq Reaches Best Closing Level In A Month

(RTTNews) - After moving sharply higher over the course of the previous session, stocks saw some further upside during trading on Thursday. While buying interest was somewhat subdued, the Nasdaq still managed to reach its best closing level in a month.

Biotechnology stocks saw considerable strength on the day, driving the NYSE Arca Biotechnology Index up by 1.5 percent. Despite the gain, the index remained stuck in a recent trading range.

Nektar Therapeutics (NKTR) and Vertex (VRTX) turned in two of the biotech sector's best performances, with both jumping by 6 percent.

Significant strength was also visible among housing stocks, which reacted positively to the existing home sales data. Reflecting the strength in the sector, the Philadelphia Housing Sector Index rose by 1.2 percent.

Electronic storage, brokerage, and airline stocks also saw notable strength, while most of the other major sectors ended the day showing more modest moves.

The major averages ended the day in positive territory but off their highs for the session. The Nasdaq rose 22.80 points or 0.6 percent to 4,154.34, while the Dow inched up 10.02 points or 0.1 percent to 16,543.08 and the S&P 500 edged up 4.46 points or 0.2 percent to 1,892.49.