Major Averages Hugging The Unchanged Line For Second Straight Day

(RTTNews) - After showing a lack of direction for much of the previous session, stocks continue to turn in a lackluster performance during trading on Tuesday. The major averages have spent much of the day bouncing back and forth across the unchanged line.

Most of the major sectors are showing only modest moves on the day, although considerable weakness is visible among steel stocks. The NYSE Arca Steel Index is down by 2.2 percent, moving lower for the third straight session

Biotechnology stocks have also come under pressure, dragging the NYSE Arca Biotechnology Index down by 2.2 percent. Exact Sciences (EXAS), Alnylam Pharmaceuticals (ALNY), and Agios Pharmaceuticals (AGIO) are turning in some of the worst performances.

On the other hand, gold stocks have shown a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 3.7 percent. The strength in the sector comes as gold for December delivery is climbing $3.10 to $1,175.90 an ounce.

Railroad, oil service, and housing stocks are also seeing notable strength, helping to offset the weakness in the aforementioned sectors.

Currently, the major averages are turning in a mixed performance. While the Dow is up 5.35 points or less than a tenth of a percent at 17,235.89, the Nasdaq is down 14.29 points or 0.3 percent at 4,891.18 and the S&P 500 is down 0.97 points or 0.1 percent at 2,032.69.