S&P 500 Reaches New Record High Amid Broad Based Rally

(RTTNews) - After moving notably higher in early trading, stocks have seen some further upside over the course of the trading day on Tuesday. The gains on the day have lifted the S&P 500 to a new record high, while the Nasdaq has reached its best levels since 2000.

Biotechnology stocks have shown a substantial move to the upside over the course of the trading day, driving the NYSE Arca Biotechnology Index up by 1.8 percent. With the gain, the index has reached its best intraday level in well over three months.

Regeneron Pharmaceuticals (REGN) has helped to lead the biotech sector higher, jumping by 6.1 percent amid news that Sanofi (SNY) increased its stake in the biopharmaceutical company to 22.5 percent.

Significant strength also remains visible among computer hardware stocks, as reflected by the 1.7 percent gain being posted by the NYSE Arca Computer Hardware Index. The gain has lifted the index to a new record intraday high.

Airline stocks are also turning in a strong performance in mid-day trading, resulting in a 1.7 percent advance by the NYSE Arca Airline Index. SkyWest (SKYW) and Delta (DAL) are turning in two of the sector's best performances.

Internet, semiconductor, healthcare, and brokerage stocks are also seeing notable strength on the day amid broad based buying interest.

Currently, the major averages are posting strong gains, near their highs for the session. The Dow is up 129.93 points or 0.8 percent at 16,956.53, the Nasdaq is up 50.03 points or 1.1 percent at 4,458.21 and the S&P 500 is up 13.35 points or 0.7 percent at 1,973.58.