Major Averages Close Mixed, Dow Ticks Up To New Record High

(RTTNews) - After ending the previous session sharply higher, stocks turned in a lackluster performance during trading on Thursday before closing roughly flat. The choppy trading came as traders continued to digest the Federal Reserve's decision to scale back its stimulus program.

Despite the lack of direction shown by the broader markets, gold stocks saw some further downside after bucking the uptrend seen in the previous session. The NYSE Arca Gold Bugs Index fell by 1.7 percent, ending the session at a five-year closing low.

The continued weakness among gold stocks came amid a sharp drop by the price of the precious metal, with gold for February delivery plummeting $41.40 to $1,193.60 an ounce.

Commercial real estate stocks also came under pressure, dragging the Morgan Stanley REIT Index down by 1.5 percent. The index gave back some ground after closing higher for four straight sessions.

Housing, oil service, and utilities stocks also moved to the downside on the day, while some strength was visible among steel and natural gas stocks.

The major averages eventually ended the day mixed, with the Dow posting a modest gain. The Dow inched up 11.11 points or 0.1 percent to 16,179.08, while the Nasdaq dipped 11.93 points or 0.3 percent to 4,058.13 and the S&P 500 edged down 1.05 points or 0.1 percent to 1,809.60.