S&P 500 Reaches New Record High

(RTTNews) - Stocks moved notably higher over the course of the trading day on Wednesday, adding to the substantial gains posted in the previous session. With the gains, the S&P 500 set a new record high and the Nasdaq reached its best levels since 2000.

After turning in some of the market's best performances in the previous session, electronic storage stocks saw further upside on the day. The NYSE Arca Disk Drive Index surged up by 5.8 percent to its best closing level in well over a year.

Within the storage sector, shares of Datalink (DTLK) soared 37.6 percent after the data center infrastructure and services provider raised its fourth quarter guidance.

Networking stocks also extended a recent upward trend, driving the NYSE Arca Networking Index up by 2 percent. With the gain, the index reached a new two-year closing high.

Significant strength was also visible among banking stocks, as reflected by the 1.8 percent gain posted by the Dow Jones Banks Index. JP Morgan (JPM) and Citigroup (C) posted notable gains along with Bank of America.

Software, trucking, gold and telecom stocks also saw considerable strength on the day, moving to the upside along with most of the other major sectors.

The major averages moved roughly sideways going into the close, holding on to strong gains. The Dow jumped 108.08 points or 0.7 percent to 16,481.94, the Nasdaq advanced 31.87 points or 0.8 percent to 4,214.88 and the S&P 500 climbed 9.50 points or 0.5 percent to 1,848.38.