Nasdaq Reaches New Thirteen-Year Closing High

(RTTNews) - Benefiting from the recent upward momentum on Wall Street, stocks moved mostly higher over the course of the trading day on Friday. The strength extended the upward trend seen over the past few sessions, which has helped the markets to recover from the sell-off seen in late January.

Gold stocks showed another substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 2.5 percent. With the gain, the index reached its best closing level in well over three months.

A notable increase by the price of gold contributed to the strength in the sector, with gold for April delivery jumping $18.50 to $1,318.60 an ounce.

Considerable strength was also visible among steel stocks, as reflected by the 1.5 percent gain posted by the NYSE Arca Steel Index. Cliffs Natural Resources (CLF) helped lead the sector higher after reporting better than expected fourth quarter earnings.

Oil stocks also saw significant strength despite a modest drop by the price crude oil, while airline, housing and tobacco stocks also posted notable gains.

The major averages all ended the day in positive territory, with the Nasdaq reaching a new thirteen-year closing high. While the Nasdaq edged up 3.35 points or 0.1 percent to 4,244.03, the Dow advanced 126.80 points or 0.8 percent to 16,154.39 and the S&P 500 climbed 8.80 points or 0.5 percent to 1,838.63.

For the week, the major averages all posted notable gains. The Nasdaq jumped by 2.9 percent, while the Dow and the S&P 500 both surged up by 2.3 percent.