Major Averages Close Nearly Unchanged After Lackluster Session

(RTTNews) - Following the substantial rally seen in the previous session, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the day bouncing back and forth across the unchanged line.

Many of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.

Gold stocks saw significant strength, however, with the NYSE Arca Gold Bugs Index surging up by 3.4 percent. The strength in the sector comes as gold for December delivery climbed $9.20 to $1,077.90 an ounce.

Airline and railroad stocks also turned in strong performances, driving the NYSE Arca Airline Index and the Dow Jones Railroads Average up by 1.8 percent and 1.7 percent, respectively.

On the other hand, oil service stocks moved sharply lower on the day, dragging the Philadelphia Oil Service Index down by 2.2 percent. The weakness in the sector came as crude oil for December delivery slipped $0.21 to $40.54 a barrel.

Healthcare, biotechnology, and electronic storage stocks also moved to the downside, offsetting the strength seen in the aforementioned sectors.

The major averages eventually ended the session slightly lower. The Dow slipped 4.41 points or less than 0.1 percent to 17,732.75, the Nasdaq edged down 1.56 points or less than 0.1 percent to 5,073.64 and the S&P 500 dipped 2.34 points or 0.1 percent to 2,081.24.