Major Averages Close Moderately Higher, Dow And S&P 500 Reach New Highs

(RTTNews) - After turning higher over the course of the previous session, stocks saw some further upside during trading on Thursday. With the upward move on the day, the Dow and the S&P 500 once again reached new record highs.

Gold stocks showed a substantial move to the upside over the course of the trading day, driving the NYSE Arca Gold Bugs Index up by 2.7 percent. With the gain, the index climbed further off Tuesday's nearly one-month closing low.

A significant increase by the price of gold contributed to the strength in the sector, with gold for December delivery climbing $17.90 to $1,286.30 an ounce.

Considerable strength also emerged among housing stocks, as reflected by the 1.9 percent gain posted by the Philadelphia Housing Sector Index. Ryland Group (RYL) and PulteGroup (PHM) turned in two of the housing sector's best performances.

Utilities, commercial real estate, and chemical stocks also saw some strength on the day, although buying interest was relatively subdued.

Meanwhile, networking stocks came under pressure on the day, with Cisco (CSCO) leading the way lower after providing disappointing guidance. The NYSE Arca Networking Index tumbled by 2.3 percent after ending the previous session at its best closing level in almost a month.

The major averages pulled back off their highs going into the close but remained in positive territory. The Dow rose 54.59 points or 0.4 percent to 15,876.22, the Nasdaq edged up 7.16 points or 0.2 percent to 3,972.74 and the S&P 500 climbed 8.62 points or 0.5 percent to 1,790.62.