Major Averages Hovering Modestly Above The Unchanged Line

(RTTNews) - While buying interest has remained relatively subdued, stocks are seeing modest strength in mid-day trading on Wednesday. The markets are extending the upward trend seen over the past few sessions, with the S&P 500 reaching a new record high.

Most of the major sectors are showing only modest moves, although substantial strength remains visible among gold stocks. The NYSE Arca Gold Bugs Index has surged up by 2.8 percent, climbing further off the nearly two-month closing low set on Monday.

The strength among gold stocks comes amid an increase by the price of the precious metal, with gold for June delivery climbing $13.70 to $1,293.70 an ounce.

Airline, biotechnology and trucking stocks are also seeing some strength in mid-day trading, while modest weakness has emerged among software stocks.

The major averages have moved roughly sideways in recent trading, hovering above the unchanged line. The Dow is up 15.83 points or 0.1 percent at 16,548.44, the Nasdaq is up 6.11 points or 0.1 percent at 4,274.15 and the S&P 500 is up 3.40 points or 0.2 percent at 1,888.92.