Major Averages End Choppy Trading Day In The Red

(RTTNews) - Stocks showed a lack of direction throughout much of the trading day on Friday before ending the session modestly lower.

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

Airline stocks saw considerable weakness, however, with the NYSE Arca Airline Index falling by 1.5 percent. Industry giants American Airlines (AAL) and United Continental (UAL) turned in two of the sector's worst performances.

Meanwhile, significant strength was visible among steel stocks, as reflected by the 1.7 percent gain posted by the NYSE Arca Steel Index. With the gain, the index reached its best closing level in over ten months.

Networking, telecom, and gold stocks also saw some strength on the day, although buying interest remained relatively subdued.

The major averages moved roughly sideways going into the close, finishing the day in the red. The Dow edged down 1.47 points or less than a tenth of a percent to 16,478.41, the Nasdaq fell 10.59 points or 0.3 percent to 4,156.59 and the S&P 500 slipped 0.62 points or less than a tenth of a percent to 1,841.40.

Despite the slim losses on the day, the major averages all moved higher for the week. The Dow jumped by 1.6 percent, while the Nasdaq and the S&P 500 both advanced by 1.3 percent.