Major Averages Turning In Mixed Performance In Early Trading

(RTTNews) - Stocks are turning in a lackluster performance in early trading on Friday after trending higher over the past several sessions. Following the rally seen on Thursday, the major averages are showing only modest moves on the day.

The choppy trading on Wall Street is partly due to uncertainty about the near-term outlook for the markets following the volatility seen thus far in the New Year.

Buying interest has recently been generated by optimism about additional stimulus from the European Central Bank, although questions remain about the effectiveness of the bank's expanded asset purchase program.

Traders are also digesting the latest U.S. economic data, including a report from the National Association of Realtors showing that existing home sales rebounded roughly in line with estimates in December.

Many of the major sectors are showing only modest moves, although substantial weakness has emerged among steel stocks. Reflecting the weakness in the sector, the NYSE Arca Steel Index has tumbled by 3.5 percent.

Gold stocks have also come under pressure in early trading, dragging the NYSE Arca Gold Bugs Index down by 2.9 percent. The losses by gold stocks come as gold for February delivery is sliding $13.10 to $1,287.60 an ounce.

Transportation and chemical stocks are also seeing early weakness, while notable strength is visible among networking and natural gas stocks.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is up 2.25 points or 0.1 percent at 4,752.65, the Dow is down 38.69 points or 0.2 percent at 17,775.29 and the S&P 500 is down 3.90 points or 0.2 percent at 2,059.25.