Major Averages Lingering Near The Unchanged Line In Early Trading

(RTTNews) - Stocks are turning in a lackluster performance in early trading on Thursday after trending higher over the past few sessions. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.

The choppy trading on Wall Street comes as many traders are getting a head start on the upcoming three-day weekend, as the markets will close earlier than usual.

The markets are scheduled to close at 1 pm ET this afternoon in honor of Christmas Eve and remain closed for all of Christmas Day on Friday.

Traders have largely shrugged off a Labor Department report showing that initial jobless claims fell by more than expected in the week ended December 19th.

Most of the major sectors are showing only modest moves on the day, contributing to the lack of direction being shown by the broader markets.

Gold stocks are seeing substantial strength, however, with the NYSE Arca Gold Bugs Index jumping by 1.8 percent. The strength in the sector comes as gold for February delivery is climbing $5.90 to $1,074.20 an ounce.

Airline and computer hardware stocks have also moved to the upside, while weakness is visible among steel and energy stocks.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 3.00 points or 0.1 percent at 5,048.93, the Dow is down 41.54 points or 0.2 percent at 17,561.07 and the S&P 500 is down 2.82 points or 0.1 percent at 2,061.47.