Major Averages Close Mixed Following Abbreviated Trading Session

(RTTNews) - After showing a notable move to the upside in early trading on Friday, stocks came under pressure going into the close of the abbreviated trading session. The major averages pulled back well off their highs, with the Dow and the S&P 500 sliding into negative territory.

Gold stocks saw considerable strength on the day, driving the NYSE Arca Gold Bugs Index up by 2.3 percent. With the gain, the index climbed further off the five-year closing low set on Tuesday.

The strength among gold stocks came amid an increase by the price of the precious metal, with gold for February delivery climbing $12.50 to $1,250.40 an ounce.

Significant strength was also visible among steel stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Steel Index. Universal Stainless (USAP) and Olympic Steel (ZEUS) posted strong gains.

Meanwhile, commercial real estate and airline stocks came under pressure, with the Morgan Stanley REIT Index and the NYSE Arca Airline Index falling by 1.1 percent and 1 percent, respectively.

The major averages ended the day mixed, as the Nasdaq managed to hold on to a gain. While the Nasdaq rose 15.14 points or 0.4 percent to 4,059.89, the Dow edged down 10.92 points or 0.1 percent to 16,086.41 and the S&P 500 slipped 1.42 points or 0.1 percent to 1,805.81.

For the holiday-interrupted week, the Nasdaq surged up by 1.7 percent, while the Dow and the S&P 500 both inched up by 0.1 percent.