Major Averages Remain Little Changed In Mid-Day Trading

(RTTNews) - After moving substantially higher over the course of the previous session, stocks have shown a lack of direction during trading on Thursday. The major averages have spent much of the trading day lingering near the unchanged line.

Many of the major sectors are showing only modest moves, contributing to the lack of direction being shown by the broader markets.

Gold stocks are seeing significant strength, however, with the NYSE Arca Gold Bugs Index surging up by 3.2 percent. The strength in the sector comes as gold for December delivery is climbing $13.30 to $1,182 an ounce.

Airline and software stocks are also turning in strong performances, driving the NYSE Arca Airline Index and the Dow Jones Software Index up by 1.6 percent and 1.1 percent, respectively.

On the other hand, oil service stocks have come under pressure on the day, dragging the Philadelphia Oil Service Index down by 2.6 percent. The weakness in the sector comes as crude oil for December delivery is sliding $0.54 to $40.21 a barrel.

Biotechnology, healthcare, and electronic storage stocks have also moved to the downside, offsetting the strength seen in the aforementioned sectors.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 3.19 points or 0.1 percent at 5,078.39, the Dow is down 18.50 points or 0.1 percent at 17,718.66 and the S&P 500 is down 3.65 points or 0.2 percent at 2,079.93.