Major Averages Close Mixed But Nasdaq Reaches Best Levels In Over A Month

(RTTNews) - Following the strong upward move seen over the course of the previous session, stocks showed a lack of direction throughout the trading day on Wednesday. The major averages eventually ended the session on opposite sides of the unchanged line.

Reflecting the lack of direction shown by the broader markets, most of the major sectors ended the day showing only modest moves.

Utilities stocks saw see substantial weakness, however, with the Dow Jones Utilities Average tumbling by 2.4 percent. The average offset the strong gain posted in the previous session, falling to its lowest closing level in almost two months.

NiSource (NI), CenterPoint Energy (CNP), and Dominion Resources (D) turned in some of the utilities sector's worst performances.

Considerable weakness was also visible among gold stocks, which moved lower along with the price of the precious metal. With gold for April delivery falling $12.60 to $1,219.60 an ounce, the NYSE Arca Gold Bugs Index dropped by 2 percent.

While energy stocks also came under pressure amid a decrease by the price of crude oil, notable strength was visible among tobacco and railroad stocks.

While the tech-heavy Nasdaq rose 13.54 points or 0.3 percent to a one-month closing high of 4,801.18, the Dow slipped 6.62 points or less than a tenth of a percent to 17,862.14 and the S&P 500 edged down 0.06 points to 2,068.53.