Major Averages Finish Choppy Trading Day Modestly Lower

(RTTNews) - After seeing some early volatility, stocks turned in a relatively lackluster performance over the course of the trading day on Thursday. The major averages bounced back and forth across the unchanged line before closing modestly lower.

While many of the major sectors ended the day showing only modest moves, substantial weakness was visible among telecom stocks. The NYSE Arca Telecom Index plummeted by 8 percent to its lowest closing level in a month.

Qualcomm (QCOM) led the telecom sector lower, with the mobile chipmaker plunging 15.3 percent after providing disappointing first quarter guidance.

Gold stocks also moved sharply lower on the day, dragging the NYSE Arca Gold Bugs Index down by 4.3 percent. Royal Gold (RGLD) posted a steep loss after reporting weaker than expected first quarter results.

Steel, oil service, and semiconductor stocks also saw significant weakness, while financial stocks showed a strong move to the upside.

The Dow attempted to cling to a slim gain going into the close but ended the day down 4.15 points or less than a tenth of a percent at 17,863.43. The Nasdaq slipped 14.74 points or 0.3 percent to 5,127.74, and the S&P 500 edged down 2.38 points or 0.1 percent to 2,099.93.