Major Averages Continue To Linger Near The Unchanged Line

(RTTNews) - After failing to sustain an initial upward move, stocks have shown a lack of direction over the course of the trading day on Wednesday. The major averages have spent the session bouncing back and forth across the unchanged line.

While many of the major sectors are showing only modest moves, considerable strength is visible among gold stocks. Reflecting the strength in the gold sector, the NYSE Arca Gold Bugs Index has advanced by 1.3 percent.

The strength among gold stocks comes amid a modest increase by the price of the precious metal, with gold for August delivery climbing $2.90 to $1,329.50 an ounce.

Steel stocks are also turning in a strong performance on the day, resulting in a 1.3 percent gain by the NYSE Arca Steel Index. With the gain, the index has reached its best intraday level in over five months.

On the other hand, airline stocks are seeing significant weakness, dragging the NYSE Arca Airline Index down by 2.1 percent. United Continental (UAL) and Delta (DAL) are posting steep losses.

Notable weakness has also emerged among utilities stocks, as reflected by the 1.3 percent loss being posted by the Dow Jones Utilities Average. The average is pulling back further off the record closing high it set on Monday.

Currently, the major averages are posting modest gains on the day. The Dow is up 10.55 points or 0.1 percent at 16,966.62, the Nasdaq is up 3.95 points or 0.1 percent at 4,462.60 and the S&P 500 is up 1.31 points or 0.1 percent at 1,974.63.