After moving notably higher in the previous session, stocks saw further upside during trading on Thursday. With the strong upward move, the markets continued to recover from the sell-off that was seen earlier in the week.
Most of the major sectors showed notable moves to the upside on the day, with resource-related stocks posting particularly strong gains.
Steel stocks turned in some of the market's best performances, driving the NYSE Arca Steel Index up by 4.7 percent. Standout gains by U.S. Steel (X) and AK Steel (AKS) helped to lift the index further off the three-month closing low that it set on Tuesday.
Considerable strength was also visible among gold and oil service stocks, which moved higher along with the prices of their associated commodities. The NYSE Arca Gold Bugs Index and the Philadelphia Oil Service Index advanced by 3.9 percent and 3.5 percent, respectively.
Transportation stocks also saw significant strength on the day, as reflected by the 2.2 percent gain posted by the Dow Jones Transportation Average. JetBlue (JBLU), Kansas City Southern (KSU), and Con-Way (CNW), turned in some of the sector's best performances.
Health insurance, chemical, housing, and financial stocks also posted notable gains, reflecting the broad based buying interest on Wall Street.
The major averages closed firmly in positive territory, near their best levels of the day. The Dow jumped 181.19 points or 1.4 percent to 12,986.58, the Nasdaq surged up 39.09 points or 1.3 percent to 3,055.05 and the S&P 500 soared 18.86 points or 1.4 percent to 1,387.57.
by RTT Staff Writer
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