Stocks Remain Mixed Amid Uncertainty About Greece - U.S. Commentary

(RTTNews) - Stocks continue to turn in a mixed performance in mid-day trading on Thursday, extending the choppy trading seen in the two previous sessions. While the Nasdaq and the S&P 500 have climbed into positive territory, the Dow remains stuck in the red.

Currently, the Dow is down 18.17 points or 0.1 percent at 18,011.68, although the blue chip index has climbed well off its worst levels. Meanwhile, the Nasdaq is up 20.38 points or 0.4 percent at 4,926.75, and the S&P 500 is up 1.49 points or 0.1 percent at 2,101.17

The mixed performance on Wall Street partly reflects uncertainty about the situation in Greece, as traders continue to keep a close eye on the ongoing debt negotiations.

While many traders remain optimistic a deal will eventually be reached, news that Germany rejected Greece's proposal to extend its loan agreement raised concerns the country could exit from the eurozone.

A notable decline by shares of Wal-Mart (WMT) is weighing on the Dow, with the retail giant down by 2.5 percent after hitting a two-month low.

The loss by Wal-Mart comes after the company reported better than expected fourth quarter earnings but provided disappointing guidance. The company also announced plans to boost wages for its employees.

In U.S. economic news, the Labor Department released a report before the start of trading showing that initial jobless claims pulled back by more than expected in the week ended February 14th.

The report said initial jobless claims fell to 283,000, a decrease of 21,000 from the previous week's unrevised level of 304,000. Economists had expected jobless claims to drop to 290,000.

Meanwhile, the Philadelphia Federal Reserve released a report showing that its index of regional manufacturing activity unexpectedly decreased for the third straight month in February.

The report said the diffusion index for current general activity fell to 5.2 in February from 6.3 in January, although a positive reading indicates a continued increase in regional manufacturing activity.

The modest decrease came as a surprise to economists, who had expected the Philly Fed index to climb to a reading of 9.0.

A separate report from the Conference Board showed that its index of leading U.S. economic indicators rose by slightly less than anticipated in January.

Sector News

Reflecting the relatively lackluster performance being turned in by the broader markets, most of the major sectors are showing only modest moves in mid-day trading.

Internet stocks are seeing significant strength, however, with the Dow Jones Internet Index surging up by 1.2 percent. The gain extends a recent upward move by the index, which has reached its best intraday level in almost a year.

Priceline (PCLN) has helped to lead the sector higher, jumping by 8.2 percent after reporting better than expected fourth quarter results and announcing a $3 billion share buyback program.

Trucking, biotechnology, and airline stocks have also moved to the upside on the day, although buying interest has remained relatively subdued.

On the other hand, commercial real estate stocks have come under pressure, dragging the Morgan Stanley REIT Index down by 1.6 percent. Oil and gold stocks are also seeing some weakness on the day.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Thursday, with several markets closed for Lunar New Year holidays. Japan's Nikkei 225 Index rose by 0.4 percent, while Australia's All Ordinaries Index edged down by 0.1 percent.

The major European markets also ended the day mixed. While the U.K's FTSE 100 Index dipped by 0.1 percent, the German DAX Index rose by 0.4 percent and the French CAC 40 Index advanced by 0.7 percent.

In the bond market, treasuries are seeing modest weakness after ending the previous session notably higher. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.9 basis points at 2.085 percent.