News Column

Major Averages Close Nearly Flat After Choppy Trading Day

June 23, 2014

WASHINGTON (Alliance News) - Stocks showed a lack of direction throughout the trading session on Monday, as traders seemed reluctant to make any significant moves. The choppy trading came on the heels of the strong performance that was seen last week.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.

Gold stocks turned in a strong performance, however, with the NYSE Arca Gold Bugs Index advancing by 1.6%. With the gain, the index reached its best closing level in three months.

The strength in the gold sector came amid a modest increase by the price of the precious metal, as gold for August delivery rose USD1.80 to USD1,318.40 an ounce.

Steel and internet stocks also moved to the upside on the day, although buying interest remained relatively subdued.

Meanwhile, substantial weakness was visible among tobacco stocks, as reflected by the 1.9% loss posted by the NYSE Arca Tobacco Index. Alliance One (AOI) helped lead the sector lower, falling by 3.9%.

Airline, trucking, and biotech stocks also saw some weakness, offsetting the strength seen in the aforementioned sectors.

The major averages ended the day mixed, although they were all nearly flat. While the Nasdaq inched up 0.64 points or less than 0.1% to 4,368.68, the Dow slipped 9.82 points or 0.1% to 16,937.26 and the S&P 500 edged down 0.26 points or less than 0.1% to 1,962.61.

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Source: Alliance News

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