Major Averages Close In Positive Territory, S&P 500 Reaches New High

(RTTNews) - Stocks moved mostly higher over the course of the trading day on Friday, extending the upward trend seen in recent sessions. The gains on the day lifted the S&P 500 to another new record closing high, while the Nasdaq set a new thirteen-year high.

With Google (GOOG) leading the way higher after reporting better than expected third quarter results, considerable strength was visible among internet stocks. The NYSE Arca Internet Index surged up by 2.8 percent to its best closing level since 2000.

Shares of Google jumped 13.8 percent, closing at a record high above $1,000 a share. Baidu (BIDU) and Amazon (AMZN) also posted strong gains.

Oil service stocks also moved sharply higher on the day, driving the Philadelphia Oil Service Index up by 1.9 percent to a two-year closing high. Within the sector, Baker Hughes (BHI) jumped 7.3 percent after reporting better than expected third quarter results.

Significant strength also emerged among railroad stocks, as reflected by the 1.3 percent gain posted by the Dow Jones Railroads Index.

Computer hardware stocks also saw notable strength, while health insurance stocks extended the downward move seen in the previous session.

The major averages all ended the day in positive territory, although the Dow underperformed its counterparts. While the Dow edged up 28.00 points or 0.2 percent to 15,399.65, the Nasdaq jumped 51.13 points or 1.3 percent to 3,914.28 and the S&P 500 advanced 11.35 points or 0.7 percent to 1,744.50.

With the gains on the day, the major averages all moved notably higher for the week. The Nasdaq soared by 3.2 percent, the S&P 500 surged up by 2.4 percent and the Dow rose by 1.1 percent.