Major Averages Bouncing Back And Forth Across Unchanged Line

(RTTNews) - After failing to sustain an initial upward move, stocks have shown a lack of direction over the course of the trading day on Friday. Uncertainty about the outlook for the Federal Reserve's stimulus program is contributing to the choppy trading.

Most of the other major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.

Gold stocks are seeing significant strength, however, with the NYSE Arca Gold Bugs Index up by 1.2 percent. The strength among gold stocks comes amid an increase by the price of the precious metal, as gold for February delivery is climbing $12.30 to $1,237.20 an ounce.

On the other hand, oil stocks have come under pressure, moving lower along with the price of crude. With crude for January delivery sliding $1.05 to $96.45 a barrel, the NYSE Arca Oil Index is down by 1.1 percent.

The major averages have bounced back and forth across the unchanged line and are currently posting modest gains. The Dow is up 17.59 points or 0.1 percent at 15,757.02, the Nasdaq is up 1.50 points or less than 0.1 percent at 3,999.91 and the S&P 500 is up 0.30 points or less than 0.1 percent at 1,775.80.