Dow And S&P 500 Set New Record Highs Despite Lackluster Performance

(RTTNews) - After ending the previous session sharply higher, stocks showed a lack of direction throughout the trading day on Wednesday. The major averages spent the day bouncing back and forth across the unchanged line before ending the session mixed.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.

Airline stocks saw substantial weakness on the day, however, with the NYSE Arca Airline Index tumbling by 2.3 percent. With the loss, the index offset the strong gain posted on Tuesday.

United Continental (UAL) and Delta (DAL) turned in two of the airline sector's worst performances, falling by 7.1 percent and 5.1 percent, respectively.

Considerable weakness was also visible among utilities stocks, as reflected by the 1.9 percent loss posted by the Dow Jones Utilities Average. The drop pulled the average down further off the record closing high it set on Monday.

Meanwhile, steel stocks saw significant strength on the day amid optimism about the outlook for demand. The NYSE Arca Steel Index advanced by 1.8 percent to a six-month closing high.

Gold stocks also turned in a strong performance, moving higher along with the price of gold. With gold for August delivery climbing $4.30 to $1,330.90 an ounce, the NYSE Arca Gold Bugs Index rose by 1.3 percent.

While the Nasdaq edged down 0.92 points or less than a tenth of a percent to 4,457.73, the Dow crept up 20.17 points or 0.1 percent to 16,976.24 and the S&P 500 inched up 1.30 points or 0.1 percent to 1,974.62.

Despite the lackluster performance, the modest gains still lifted the Dow and the S&P 500 to new record closing highs.