News Column

Major Averages Close On Opposite Sides Of Unchanged Line

June 19, 2014



WASHINGTON (Alliance News) - After trending higher in the past few sessions, stocks fluctuated over the course of the trading day on Thursday. Despite the lackluster performance, the S&P 500 still managed to tick up to another new record closing high.

While most of the major sectors ended the day showing only modest moves, substantial strength was visible among gold stocks. The NYSE Arca Gold Bugs Index surged up by 5.2%, reaching its best closing level in three months.

The rally by gold stocks came amid a sharp increase by the price of the precious metal, with gold for August delivery jumping USD41.40 to USD1,314.10 an ounce.

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

Meanwhile, networking and computer hardware stocks moved to the downside on the day, contributing to a modest loss by the tech-heavy Nasdaq.

The major averages eventually ended the day mixed, although they were all nearly flat. While the Nasdaq edged down 3.51 points or 0.1% to 4,359.33, the Dow crept up 14.84 points or 0.1% to 16,921.46 and the S&P 500 inched up 2.50 points or 0.1% at 1,959.48.



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Source: Alliance News


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