Major Averages Close Mixed Following Choppy Trading Day

(RTTNews) - Stocks showed a lack of direction throughout much of the trading day on Friday as traders digested the closely watched monthly jobs report. The major averages spent the day bouncing back and forth across the unchanged line before closing mixed.

Reflecting concerns about the outlook for monetary policy, interest rate-sensitive utilities stocks saw substantial weakness on the day. The Dow Jones Utilities Average plunged by 3.8 percent, hitting its lowest closing level in nearly two months.

Within the utilities sector, CenterPoint Energy (CNP), Duke Energy (DUK), and Con Ed (ED) turned in some of the worst performances.

Gold stocks also moved sharply lower, dragging the NYSE Arca Gold Bugs Index down by 4.2 percent. The weakness in the sector came as the price of gold for December delivery tumbled $16.50 to $1,087.70 an ounce.

Commercial real estate, railroad, and energy stocks also saw notable weakness, with energy stocks moving lower along with the price of crude oil.

On the other hand, significant strength was visible among financial stocks. Reflecting the strength in the sector, the NYSE Arca Broker/Dealer Index and the Dow Jones Banks Index both surged up by 2.8 percent.

Semiconductor stocks also moved notably higher, driving the Philadelphia Semiconductor Index up by 2.6 percent. Qorvo (QRVO) and Nvidia (NVDA) posted standout gains after reporting better than expected quarterly earnings.

While the major averages all moved to the upside going into the close, the S&P 500 still ended the day down 0.73 points or less than a tenth of a percent at 2,099.20. The Dow rose 46.90 points or 0.3 percent to 17,910.33 and the Nasdaq climbed 19.38 points or 0.4 percent to 5,147.12.

Despite the mixed performance on the day, the major averages all moved notably higher for the week. The Nasdaq surged up by 1.8 percent, the Dow jumped by 1.4 percent and the S&P 500 advanced by 1 percent.