News Column

Major Averages Lingering Near The Unchanged Line In Early Trading

June 9, 2014

WASHINGTON (Alliance News) - With traders reluctant to make any significant moves, stocks are showing a lack of direction in early trading on Monday. The major averages are lingering near the unchanged line after closing firmly positive in the two previous sessions.

The choppy trading on Wall Street comes as traders are sitting on the sidelines after last week's rally lifted the Dow and the S&P 500 to new record closing highs. The tech-heavy Nasdaq also reached its best levels in over two months.

While recent economic data suggests that the US economy has recovered from the winter doldrums, traders have expressed some uncertainty about whether the pace of growth supports further upside for the markets.

A lack of major US economic data on the day is also contributing to the lackluster performance, although key reports on retail sales, producer prices, and consumer sentiment are due to be released later in the week.

Most of the major sectors are showing only modest moves, although some strength has emerged among housing and banking stocks.

Currently, the major averages are posting modest gains. The Dow is up 21.76 points or 0.1% at 16,946.04, the Nasdaq is up 2.47 points or 0.1% at 4,323.87 and the S&P 500 is up 1.71 points or 0.1% at 1,951.15.

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Source: Alliance News

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