After initially showing a lack of direction, stocks moved mostly higher over the course of the abbreviated trading session on Tuesday. The markets benefited from an upbeat report on factory orders as well as a rally by commodities prices.
While most of the major sectors moved to the upside, significant strength was visible among oil service stocks. Reflecting the strength in the strength in the oil service sector, the Philadelphia Oil Service Index surged up by 4 percent to a one-month closing high.
The strength among oil service stocks came amid a substantial increase by the price of crude oil, with crude for August delivery jumping $3.80 to $87.55 a barrel.
Similarly, gold stocks saw considerable strength amid a notable increase by the price of the precious metal. With gold for August delivery climbing $24.50 to $1,622.20 an ounce, the NYSE Arca Gold Bugs Index soared 3.6 percent.
Technology stocks also posted strong gains, with computer hardware, semiconductor, and networking stocks turning in some of the best performances. On the other hand, airline and health insurance stocks saw moderate weakness on the day.
The major averages saw some volatility in the final hour of trading but closed firmly in positive territory. The Dow rose 72.43 points or 0.6 percent to 12,943.82, the Nasdaq advanced 24.85 points or 0.8 percent to 2,976.08 and the S&P 500 climbed 8.51 points or 0.6 percent to 1,374.02.
With the gains on the day, the major averages all ended the session at their best closing levels in well over a month.
by RTT Staff Writer
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