Stocks Turn Mixed Following Slew Of Economic Data - U.S. Commentary

(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.

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.

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

Before the start of trading, the Commerce Department released a report showing much stronger than previously estimated third quarter GDP growth.

The report said its final reading on third quarter GDP showed a 5.0 percent increase compared to the previously estimated 3.9 percent growth. Economists had expected the pace of GDP growth to be upwardly revised to 4.3 percent.

However, the department has also released separate reports showing unexpected decreases in durable goods orders and new home sales.

The Commerce Department said durable goods orders fell by 0.7 percent in November compared to expectations for a 3.0 percent jump, while new home sales tumbled by 1.6 percent in November versus estimates for a modest increase.

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.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Tuesday, although the Japanese markets were closed for a holiday. China's Shanghai Composite Index plummeted by 3 percent, while Hong Kong's Hang Seng Index fell by 0.3 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the French CAC 40 Index has surged up by 1.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both edging up by 0.2 percent.

In the bond market, treasuries have come under pressure after ending the two previous sessions moderately higher. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.8 basis points at 2.20 percent.