Major Averages Remain Mixed In Mid-Day Trading

(RTTNews) - With traders digesting a mixed batch of U.S. economic data, stocks are turning in a lackluster performance during trading on Tuesday. Despite the choppy trading, the Dow and the S&P 500 have reached new record intraday highs.

Many of the major sectors are showing only modest moves, although considerable strength is visible among gold stocks. The NYSE Arca Gold Bugs Index has surged up by 3 percent, partly offsetting the 6.1 percent loss posted on Monday.

The rebound by gold stocks comes despite a decrease by the price of the precious metal, as gold for February delivery is slipping $1.80 to $1,178 an ounce.

Brokerage stocks are also turning in a strong performance on the day, resulting in a 1.4 percent gain by the NYSE Arca Broker/Dealer Index. With the gain, the index has reached its best intraday level in well over six years.

Software, steel, and banking stocks are also seeing significant strength in mid-day trading, with the Dow Jones Software Index jumping to a fourteen-year high.

On the other hand, biotechnology stocks are seeing substantial weakness, resulting in a 4.4 percent drop by the NYSE Arca Biotechnology Index. The index is pulling back further off the record closing high it set last Friday.

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

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 7.69 points or 0.2 percent at 4,773.74, the Dow is up 76.29 points or 0.4 percent at 18,035.73 and the S&P 500 is up 3.97 points or 0.2 percent at 2,082.51.