Major Averages Turn Mixed After Seeing Early Strength

(RTTNews) - After moving mostly higher in early trading on Wednesday, stocks have turned mixed over the course of the trading session. While the Dow and the S&P 500 remain in positive territory, the tech-heavy Nasdaq has pulled back into the red.

Many of the major sectors are showing only modest moves, although considerable strength is visible among software stocks. The Dow Jones Software Index has jumped 2 percent to its best levels since 2000.

Software giant Microsoft (MSFT) is posting a notable gain after Reuters reported that the company has narrowed its list of external candidates to replace Chief Executive Steve Ballmer to about five people.

Gold stocks are also turning in a strong performance on the day, moving higher along with the price of the precious metal. With gold for December delivery climbing $8.40 to $1,316.50 an ounce, the NYSE Arca Gold Bugs Index is up by 1.4 percent.

At the other end of the spectrum, biotechnology stocks have moved sharply lower, dragging the NYSE Arca Biotechnology Index down by 2.2 percent.

InterMune (ITMN) has helped to lead the biotech sector lower after pricing its public offering of 6.5 million shares of its common stock at a discount to yesterday's closing price.

The Nasdaq has climbed off its worst levels of the day in recent trading but remains down 9.97 points or 0.3 percent at 3,929.90.

Meanwhile, the Dow has pulled back off the record intraday high set in early trading but is still up 82.23 points or 0.5 percent at 15,700.45, The S&P 500 is up 3.91 points or 0.2 percent at 1,766.88.