With traders expressing continued optimism about the likelihood of further stimulus from the Federal Reserve, stocks moved sharply higher during trading on Tuesday. The strong gains extended the upward move seen over the past two weeks.
Most of the major sectors moved to the upside over the course of the trading day, reflecting broad based buying interest. Steel stocks posted particularly strong gains, driving the NYSE Arca Steel Index up by 3.7 percent to a one-month closing high.
Airline stocks also showed a substantial upward move, driving the NYSE Arca Airline Index up by 2.4 percent. The index also reached a one-month high amid a standout gain by Brazilian airline Gol (GOL), which jumped 4.1 percent after naming Paulo Sergio Kakinoff as its new CEO.
Banking stocks also moved sharply higher on the day, with the KBW Bank Index surging up by 2 percent to its best closing level in over a month. Software, chemical, oil service, electronic storage, and networking stocks also posted notable gains.
The major averages gave back some ground in the latter part of the trading day but still closed firmly in positive territory. The Dow advanced 95.51 points or 0.8 percent to 12,837.33, the Nasdaq jumped 34.43 points or 1.2 percent to 2,929.76 and the S&P 500 climbed 13.20 points or 1 percent to 1,357.98.
The gains lifted the major averages to their best closing levels in over a month, although they remain well off their spring highs.
by RTT Staff Writer
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