News Column

Major Averages Pull Back Near The Unchanged Line

July 29, 2014

WASHINGTON (Alliance News) - After moving mostly higher in early trading on Tuesday, stocks have given back ground over the course of the trading session. A negative reaction to news of new European sanctions against Russia contributed to the pullback by the markets.

Despite the pullback by the broader markets, significant strength remains visible among biotechnology stocks. The NYSE Arca Biotechnology Index has pulled back off its high for the session but is still up by 2.3%.

Within the biotech sector, United Therapeutics (UTHR) and Pharmacyclics (PCYC) are posting standout gains, surging up by 9.8% and 10.9%, respectively.

Telecom stocks also continue to see some strength in mid-day trading, with Frontier Communications (FTR) and Windstream (WIN) posting substantial gains.

The gain by Windstream comes after the advanced network communications provider announced plans to spin off certain assets into an independent, publicly traded real estate investment trust.

Meanwhile, utilities stocks have come under pressure over the course of the trading day, dragging the Philadelphia Utility Sector Index down by 1%. Transportation stocks have also moved to the downside.

Currently, the major averages are lingering near the unchanged line. While the S&P 500 is down 1.94 points or 0.1% at 1,976.97, the Dow is up 0.50 points or less than a tenth of a % at 16,983.09 and the Nasdaq is up 8.00 points or 0.2% at 4,452.91.

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Source: Alliance News

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