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Major Averages Close Firmly Positive But Off Best Levels
[October 23, 2014]

Major Averages Close Firmly Positive But Off Best Levels


(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - After turning lower over the course of the previous session, stocks showed a substantial move back to the upside during trading on Thursday. The gains more than offset yesterday's loss, extending the recovery from the recent sell-off.



Networking stocks posted particularly strong gains, driving the NYSE Arca Networking Index up by 4.3%. With the gain, the index continued to recover from the one-year closing low set last Monday.

Infinera (INFN) led the sector higher, with the optical networking equipment maker jumping by 30.9% after reporting third quarter results that exceeded analyst estimates.


Substantial strength was also visible among railroad stocks, with the Dow Jones Railroads Index surging up by 3.6% to a record closing high. Union Pacific (UNP) posted a notable gain after reporting better than expected third quarter results.

Biotechnology also saw significant strength on the day, resulting in a 2.6% gain by the NYSE Arca Biotechnology Index. The index also reached a new record closing high.

Computer hardware, natural gas, healthcare and internet also posted standout gains, further offsetting recent weakness.

News of a possible Ebola case in New York City pulled the major averages down off their highs in late-day trading, but they remained firmly positive.

The Dow jumped 216.58 points or 1.3% to 16,677.90, the Nasdaq soared 69.95 points or 1.6% to 4,452.79 and the S&P 500 surged up 23.71 points or 1.3% to 1,950.82.

Copyright RTT News/dpa-AFX

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