Nasdaq Reaches Best Closing Level Since October 2000

(RTTNews) - After seeing some volatility in early trading, stocks moved mostly higher over the course of the trading day on Tuesday. The gains on the day extended the upward trend that has been shown by the markets over the past two weeks.

Housing stocks turned in some of the market's best performances on the day, driving the Philadelphia Housing Sector Index up by 3.7 percent. The index regained some ground after ending the previous session at a six-month closing low.

D.R. Horton (DHI) helped to lead the housing sector higher, jumping by 7.6 percent, while M/I Homes (MHO) and KB Home (KBH) also posted strong gains.

Significant strength was also visible among transportation stocks, as reflected by the 2.3 percent gain posted by the Dow Jones Transportation Average. The gain lifted the average to its best closing level in well over a month.

Chemical stocks also saw considerable strength on the day, resulting in a 1.7 percent gain by the Dow Jones Chemicals Index.

Steel, commercial real estate, and brokerage stocks also posted notable gains, moving to the upside along with most of the other major sectors.

The major averages moved roughly sideways going into the close, hovering firmly in positive territory. The Dow rose 75.65 points or 0.5 percent to 15,300.34, the Nasdaq climbed 19.43 points or 0.6 percent to 3,504.26 and the S&P 500 advanced 11.86 points or 0.7 percent to 1,652.32.

With the gains, the Nasdaq closed higher for the ninth time in ten sessions, reaching its best closing level since October of 2000. The S&P 500 also reached its best closing level in over a month.