Wall Street Posts Lackluster Performance After Recent Gains - U.S. Commentary

(RTTNews) - It has been a sluggish day on Wall Street. The major averages are showing slight gains during mid-afternoon trading, but they have bounced around the unchanged mark for most of the session.

The S&P 500 is struggling to hold above the 2,000 mark after closing above that historic level the day before. Stocks were able to push higher on Tuesday thanks to the release of strong economic data, including better-than-expected readings on durable goods orders and consumer confidence.

However, with no major economic reports released on Wednesday, investors have been reluctant to send stocks substantially higher, although no significant selling pressure has materialized either.

The Dow Jones Industrial Average is up 18.78 points to 17,125.48. The Nasdaq is higher by less than a point, sitting at 4,571.19. The S&P 500 is basically flat at 2,000.18.

In corporate news, jewelery retailer Tiffany & Co. (TIF) said its second-quarter profit rose from last year. Growth in sales and a higher gross margin benefited the bottom line. Results beat expectations and the company raised its full-year forecast. Shares of Tiffany are up 1.2% on the news.

After the closing bell on Tuesday, semiconductor company Analog Devices (ADI) reported an increase in its quarterly profit, boosted by 8% revenue growth. The company provided an upbeat forecast for the current quarter. Still, shares of Analog Devices are down 3.2%.

Looking overseas, Asian stocks rose broadly on Wednesday, bolstered by the overnight gains on Wall Street. Chinese shares ended a choppy session marginally higher. Japanese shares ended nearly flat, with the Nikkei index edging up 0.1%.

European stocks were unable to extend recent gains on Wednesday following more downbeat consumer news out of Germany, the region's economic engine. Germany finished lower by 0.2%. France and the U.K. posted slight gains.