News Column

Major Averages Remain Mixed In Mid-Day Trading

September 2, 2014

WASHINGTON (Alliance News) - Stocks continue to show a lack of direction in mid-day trading on Tuesday following the long, holiday weekend. Even with the lackluster performance, the markets are largely holding on to the bulk of their recent gains.

Most of the major sectors continue to show only modest moves, contributing to the lack of direction being shown by the broader markets.

Gold stocks are seeing substantial weakness, however, with the NYSE Arca Gold Bugs tumbling by 3.1%. The weakness in the sector comes as gold for December delivery has plunged USD23.10 to USD1,264.30 an ounce.

Utilities, oil service, and telecom stocks are also seeing notable weakness in mid-day trading, although selling pressure has remained relatively subdued.

On the other hand, airline stocks have shown a strong move to the upside on the day, driving the NYSE Arca Airline Index up by 1.8%. United Continental (UAL) and Delta (DAL) are posting standout gains within the sector.

Currently, the major averages continue to turn in a mixed performance on the day. While the Nasdaq is up 6.71 points or 0.2% at 4,486.98, the Dow is down 42.77 points or 0.3% at 17,055.68 and the S&P 500 is down 3.75 points or 0.2% at 1,999.62.

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Source: Alliance News

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