News Column

Major Averages Remain Mixed In Mid-Day Trading

July 11, 2014

WASHINGTON (Alliance News) - After recovering from an early sell-off over the course of the previous session, stocks are turning in a lackluster performance during trading on Friday. The major averages have spent the day bouncing back and forth across the unchanged line.

The choppy trading on Wall Street comes as traders seem reluctant to make any significant moves ahead of the release of a slew of earnings news next week.

Most of the major sectors are showing only modest moves in mid-day trading, contributing to the lack of direction being shown by the broader markets.

Gold stocks are seeing some strength on the day, however, with the NYSE Arca Gold Bugs Index up by 1.1%. The index is regaining some ground after tumbling by 1.8% on Thursday.

The rebound by gold stocks comes despite a modest decrease by the price of the precious metal, as gold for August delivery is slipping USD2.40 to USD1,336.80 an ounce.

Meanwhile, natural gas stocks have moved to the downside on the day, dragging the NYSE Arca Natural Gas Index down by 1%. With the loss, the index has fallen to its lowest intraday level in almost a month.

Oil service stocks are also seeing notable weakness in mid-day trading, moving lower along with the price of crude oil.

Currently, the major averages continue to turn in a mixed performance. While the Nasdaq is up 4.63 points or 0.1% at 4,400.84, the Dow is down 29.67 points or 0.2% at 16,885.40 and the S&P 500 is down 2.34 points or 0.1% at 1,962.34.

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Source: Alliance News

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