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Dow And S&P 500 Reach New Record Closing Highs(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - Stocks moved sharply higher over the course of the trading day on Friday following an unexpected monetary policy decision out of Japan. The gains on the day lifted the Dow and the S&P 500 to new record closing highs, while the Nasdaq reached its best closing level since 2000. While most of the major sectors moved to the upside on the day, semiconductor stocks posted particularly strong gains. The Philadelphia Semiconductor Index surged up by 3.9%, reaching its best closing level in a month. Microchip Technology (MCHP) helped to lead the semiconductor sector higher, jumping 4.9% after reporting second quarter earnings that matched analyst estimates. Considerable strength also emerged among airline stocks, as reflected by the 2.9% gain posted by the NYSE Arca Airline Index. The gain extended a recent upward move by the index, which reached a twelve-year closing high. Internet stocks also saw significant strength on the day, driving the Dow Jones Internet Index up by 2.6%. Expedia (EXPE) posted a standout gain after reporting better than expected third quarter results. Brokerage, computer hardware, steel, and chemical stocks also moved notably higher, reflecting broad based buying interest. However, gold stocks bucked the uptrend amid a sharp drop by the price of the precious metal. With gold for December delivery tumbling USD27 to USD1,171.60 an ounce, the NYSE Arca Gold Bugs Index plummeted by 5.1%. After seeing early strength, the major averages moved roughly sideways, hovering firmly in positive territory. The Dow climbed 195.10 points or 1.1% to 17,390.52, the Nasdaq surged up 64.60 points or 1.4% to 4,630.74 and the S&P 500 advanced 23.40 points or 1.2% to 2,018.05. For the week, the major averages all posted substantial gains. The Dow shot up by 3.5%, while the Nasdaq and the S&P 500 jumped by 3.3% and 2.7%, respectively. Copyright RTT News/dpa-AFX |