News Column

Major Averages Holding On To Modest Gains In Mid-Day Trading

July 16, 2014

WASHINGTON (Alliance News) - After showing a notable move to the upside in early trading on Wednesday, stocks have given back some ground but remain mostly positive. The Dow is holding onto a modest gain after reaching a record intraday high earlier in the session.

While most of the major sectors are showing only modest moves in mid-day trading, gold stocks continue to turn in a strong performance. Reflecting the strength in the gold sector, the NYSE Arca Gold Bugs Index is up by 2%.

The gains by gold stocks come amid an increase by the price of the precious metal, with gold for August delivery climbing USD4.70 to USD1,301.80 an ounce.

Steel stocks also continue to post notable gains amid optimism about the outlook for Chinese demand, resulting in a 1.4% advance by the NYSE Arca Steel Index. The index is climbing back toward the six-month highs it set earlier this month.

Notable strength also remains visible among computer hardware stocks, as reflected by the 1% gain being posted by the NYSE Arca Computer Hardware Index. The index reached a record high in early trading but has given back some ground since then.

On the other hand, biotechnology stocks have come under significant selling pressure amid continued valuation concerns. The NYSE Arca Biotechnology Index is down by 1.2%, adding to the 2% loss posted on Tuesday.

The major averages have moved roughly sideways in recent trading, hovering above the unchanged line. The Dow is up 41.46 points or 0.2% at 17,102.14, the Nasdaq is up 8.06 points or 0.2% at 4,424.45 and the S&P 500 is up 4.02 points or 0.2% at 1,977.30.

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Source: Alliance News

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