Major Averages Close Sharply Higher Following Yesterday's Sell-Off

(RTTNews) - After moving sharply lower over the course of the previous session, stocks showed a strong move back to the upside during trading on Tuesday. The markets benefited from a positive reaction to the monthly retail sales report.

While most of the major sectors moved to the upside on the day, biotechnology stocks posted particularly strong gains. The NYSE Arca Biotechnology Index surged up by 4/3 percent, reaching a new record closing high.

Regeneron (REGN), ImmunoGen (IMGN), and Incyte (INCY) turned in some of the biotech sector's best performances.

Electronic storage stocks also moved sharply higher, driving the NYSE Arca Disk Drive Index up by 2.4 percent. Hutchison Technology (HTCH) and Quantum (QTM) posted notable gains after providing upbeat guidance.

Significant strength was also visible among semiconductor stocks, as reflected by the 2.3 percent gain posted by the Philadelphia Semiconductor Index. Intel (INTC) helped lift the index to a six-year closing high after JP Morgan upgraded its rating on the semiconductor giant.

Computer hardware, software, airline, and chemical stocks also moved notably higher on the day, reflecting broad based buying interest.

Meanwhile, gold stocks bucked the uptrend by the broader markets amid a decrease by the price of the precious metal.

The major averages remained firmly positive going into the close, ending the session near their best levels of the day. The Dow jumped 115.92 points or 0.7 percent to 16,373.86, the Nasdaq soared 69.71 points or 1.7 percent to 4,183.02 and the S&P 500 surged up 19.68 points or 1.1 percent to 1,838.88.