Major Averages Turn Mixed In Early Trading

(RTTNews) - Following the rally seen in the previous session, stocks are turning in a relatively lackluster performance in early trading on Tuesday. The major averages moved higher at the start of trading but have turned mixed since then.

Many of the major sectors are showing only modest moves, although notable strength is visible among pharmaceutical stocks. The NYSE Arca Pharmaceutical Index is up by 1 percent after reaching a record intraday high.

Mylan (MYL) has helped to lead the pharmaceutical sector higher, with the drug maker surging up by 8 percent after Teva Pharmaceutical (TEVA) offered to acquire the company for $82 per share.

Networking and biotechnology stocks are also seeing some strength on the day, although buying interest has waned since the open.

On the other hand, railroad stocks have come under pressure after seeing significant strength in the previous session. After surging up by 2.6 percent on Monday, the Dow Jones Railroads Index is down by 1.4 percent.

Considerable weakness has also emerged among oil service stocks, as reflected by the 1.2 percent loss being posted by the Philadelphia Oil Service Index.

The major averages currently remain on opposite sides of the unchanged line. While the Nasdaq is up 20.45 points or 0.4 percent at 5,015.05, the Dow is down 44.14 points or 0.2 percent at 17,990.79 and the S&P 500 is down 0.07 points or less than a tenth of a percent at 2,100.33.