Major Averages Close Firmly Positive, Nasdaq Outperforms

(RTTNews) - Stocks moved mostly higher during trading on Monday, extending the strong upward move that was seen last week. The gains lifted the Dow and the S&P 500 to new record highs, while the Nasdaq reached its best levels since 2000.

Electronic storage stocks saw substantial strength on the day, resulting in a 3.6 percent jump by the NYSE Arca Disk Drive Index. With the gain, the index reached a two-month closing high.

Quantum (QTM) helped lead the storage sector higher, surging up by 3.3 percent, while EMC Corp. (EMC) and SanDisk (SNDK) also posting notable gains.

Significant strength was also visible among housing stocks, as reflected by the 2.7 percent gain posted by the Philadelphia Housing Sector Index. Strong gains by KB Home (KBH) and PulteGroup (PHM) helped lift the index to its best closing level in nearly seven months.

Biotechnology stocks also turned in a particularly strong performance, driving the NYSE Arca Biotechnology Index up by 2.3 percent to a record closing high.

Steel, tobacco, and telecom stocks also saw some strength on the day, moving higher along with most of the other major sectors.

The major averages all ended the day firmly positive, although the Nasdaq outperformed its counterparts. While the Nasdaq jumped 44.16 points or 1.1 percent to 4,148.90, the Dow rose 73.47 points or 0.5 percent to 16,294.61 and the S&P 500 climbed 9.67 points or 0.5 percent to 1,827.99.