News Column

Major Averages Turning In Another Mixed Performance In Early Trading

September 3, 2014

WASHINGTON (Alliance News) - After failing to sustain an initial upward move, stocks have turned mixed over the course of early trading on Wednesday. The major averages have pulled back off their highs for the young session, with the tech-heavy Nasdaq sliding into negative territory.

The initial strength on Wall Street was partly due to easing geopolitical concerns amid news of a possible ceasefire in Ukraine.

Ukrainian President Petro Poroshenko released a statement indicating that a phone conversation with Russian President Vladimir Putin resulted in an agreement on a "ceasefire process" for the eastern part of the country.

Nonetheless, traders seemed somewhat reluctant to continue buying stocks ahead of the European Central Bank's monetary policy announcement on Thursday and the release of the monthly US jobs report on Friday.

Despite the subsequent pullback by the broader markets, notable strength remains visible among steel stocks. The NYSE Arca Steel Index is up by 1.6%, with the strength in the sector coming on the heels of news that Morgan Stanley raised its view of the steel industry to Attractive.

Utilities and railroad stocks also continue to see some strength on the day, while weakness has emerged among airline and housing stocks.

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 3.01 points or 0.1% at 4,595.18, the Dow is up 63.88 points or 0.4% at 17,131.44 and the S&P 500 is up 4.02 points or 0.2% at 2,006.30.

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Source: Alliance News

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