Major Averages Close Mixed But Dow Finishes Above 18,000 For First Time

(RTTNews) - Stocks turned in a relatively lackluster performance during trading on Tuesday following the release of a mixed batch of U.S. economic data. Despite the choppy trading, the Dow closed above 18,000 for the first time and set a new record closing high along with the S&P 500.

While many of the major sectors ended the day showing only modest moves, significant strength was visible among energy stocks. The strength in the sector came amid a notable increase by the price of crude oil, with crude for February delivery climbing $1.86 to $57.12 a barrel.

Reflecting the strength in the energy sector, the NYSE Arca Oil & Gas Index and the NYSE Arca Natural Gas Index advanced by 1.4 percent and 1.3 percent, respectively.

Brokerage stocks also turned in a strong performance on the day, resulting in a 1.2 percent gain by the NYSE Arca Broker/Dealer Index. With the gain, the index reached its best closing level in over six years.

Banking, steel, and software stocks also saw notable strength, with the Dow Jones Software Index reaching a fourteen-year high.

On the other hand, biotechnology stocks saw substantial weakness, resulting in a 4.4 percent drop by the NYSE Arca Biotechnology Index. The loss pulled the index down further off the record closing high it set last Friday.

Healthcare and pharmaceutical stocks also came under pressure on the day, partly offsetting the strength seen in the aforementioned sectors.

The major averages ended the day on opposite sides of the unchanged line. While the Nasdaq fell 16.00 points or 0.3 percent to 4,765.42, the Dow climbed 64.73 points or 0.4 percent to 18,024.17 and the S&P 500 edged up 3.63 points or 0.2 percent to 2,082.17.