After initially moving to the downside, stocks have turned mixed over the course of morning trading on Tuesday. While the Dow has climbed to a new record high, the Nasdaq and the S&P 500 are currently in negative territory.
Profit taking contributed to the initial weakness on Wall Street, with some traders cashing in on the recent strength in the markets.
Selling pressure waned not long after the open, however, as traders seemed reluctant to make any significant news amid another quiet day on the economic front.
Electronic storage stocks have shown a substantial move to the upside since then, with the NYSE Arca Disk Drive Index up by 2.5 percent. Seagate Technology (STX) and Western Digital (WDC) are turning in two of the sector’s best performances.
Considerable strength has also emerged among gold stocks, which are moving higher along with the price of the precious metal. With gold for April delivery climbing $16.80 to $1,594.80 an ounce, the NYSE Arca Gold Bugs Index is up by 2.3 percent.
Most of the other major sectors are showing only modest moves, although some weakness is visible in the software sector. Oracle (ORCL) is posting a notable loss on the day.
The major averages have moved to the downside in recent trading, although the Dow remains up by 14.55 points or 0.1 percent at 14,461.84. Meanwhile, the Nasdaq is down 10.72 points or 0.3 percent at 3,242.14 and the S&P 500 is down 1.47 points or 0.1 percent at 1,554.75.
by RTT Staff Writer
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