Dow And S&P 500 Reach New Record Highs But Nasdaq Posts Slim Loss

(RTTNews) - After seeing modest weakness in morning trading, stocks have moved mostly higher over the course of the trading day on Thursday. With the upward move on the day, the Dow and the S&P 500 have once again reached new record intraday highs.

Gold stocks have shown a strong move to the upside on the day, moving higher along with the price of the precious metal. With gold for December delivery climbing $21.10 to $1,289.50 an ounce, the NYSE Arca Gold Bugs Index is up by 1.8 percent.

Significant strength has also emerged among housing stocks, as reflected by the 1.7 percent gain being posted by the Philadelphia Housing Sector Index. Ryland Group (RYL), PulteGroup (PHM) and Lennar (LEN) are posting notable gains.

Meanwhile, a steep drop by shares of Cisco (CSCO) is weighing on the networking sector. The NYSE Arca Networking Index has plunged by 3 percent after ending the previous session at its best closing level in almost a month.

Shares of Cisco have tumbled by 12.3 percent after the networking giant reported better than expected first quarter earnings but forecast full-year earnings below analyst estimates.

Currently, the Dow is up 31.37 points or 0.2 percent at 15,853.00 and the S&P 500 is up 6.38 points or 0.4 percent at 1,788.38. The Nasdaq is posting a slim loss, however, with the tech-heavy index down 0.48 points or less than a tenth of a percent at 3,965.09.