News Column

Major Averages Posting Modest Gains In Early Trading

May 13, 2014

WASHINGTON (Alliance News) - After moving sharply higher over the course of the previous session, stocks are turning in a lackluster performance in early trading on Tuesday. The major averages are showing only modest moves, lingering near the unchanged line.

The choppy trading on Wall Street comes as traders are expressing some uncertainty about the near-term outlook for the markets after yesterday's gains lifted the Dow and the S&P 500 to new record closing highs.

Traders are also digesting a report from the Commerce Department showing weaker than expected retail sales growth in the month of April.

While sales rose by less than economists had anticipated, the report also showed a notable upward revision to the sales growth in the previous month.

Most of the major sectors are showing only modest moves in early trading, although considerable strength has emerged among housing stocks. The Philadelphia Housing Sector Index has advanced by 1.3%, reaching its best intraday level in over a month.

Currently, the major averages are posting modest gains on the day. The Dow is up 29.67 points or 0.2% at 16,725.14, the Nasdaq is up 2.36 points or 0.1% at 4,146.22 and the S&P 500 is up 2.33 points or 0.1% at 1,898.98.

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Source: Alliance News

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