Major Averages Close Mixed As Nasdaq Remains Stuck In The Red

(RTTNews) - After moving sharply lower over the course of the previous session, stocks moved in opposite directions during trading on Wednesday. The major averages subsequently turned in a mixed performance on the day, with the tech-heavy Nasdaq closing in the red.

Weakness among tech stocks helped to keep the Nasdaq in negative territory, with electronic storage and internet stocks turning in some of the worst performances.

Reflecting the substantial weakness among storage stocks, the NYSE Arca Disk Drive Index plunged by 5 percent. With the loss, the index ended the session at a six-month closing low.

Datalink (DTLK) helped lead the storage sector lower, plummeting by 26.2 percent after the company reported weaker than expected first quarter results and provided disappointing guidance.

Within the internet sector, Groupon (GRPN) posted a particularly steep loss after forecasting second quarter earnings below analyst estimates.

While gold stocks also came under pressure amid a steep drop by the price of the precious metal, utilities stocks showed a strong move to the upside on the day. The Dow Jones Utilities Average advanced by 1.6 percent, climbing back toward the record closing high set last Thursday.

Commercial real estate, natural gas, and financial stocks also saw notable strength, while most of the other major sectors showed more modest moves.

The Nasdaq climbed well off its worst levels of the day but still ended the session down 13.09 points or 0.3 percent at 4,067.67. Meanwhile, the Dow jumped 117.52 points or 0.7 percent to 16,518.54 and the S&P 500 climbed 10.49 points or 0.6 percent to 1,878.21.