Major Averages Turning In Mixed Performance In Early Trading

(RTTNews) - Stocks have turned mixed in early trading on Tuesday following the release of a slew of U.S. economic data. The major averages have moved in opposite directions, with the Dow reaching a new record intraday high above 18,000.

The choppy trading on Wall Street comes following the release of several reports that have painted a mixed picture regarding the economy.

While the Commerce Department released a report before the start of trading showing much stronger than previously estimated third quarter GDP growth, the department has also released separate reports showing unexpected decreases in durable goods orders and new home sales.

Relatively light trading activity may also be contributing to the lackluster performance, as some traders get a head start on the holidays.

Many of the major sectors are showing only modest moves, although considerable strength has emerged among gold stocks. The NYSE Arca Gold Bugs Index has advanced by 1.1 percent, with the strength in the sector coming despite a drop by the price of gold.

Natural gas stocks have also moved notably higher in early trading, while biotechnology and healthcare stocks have come under pressure.

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 8.35 points or 0.2 percent at 4,773.08, the Dow is up 72.98 points or 0.4 percent at 18,032.42 and the S&P 500 is up 4.11 points or 0.2 percent at 2,082.65.