After moving mostly higher over the course of the previous session, stocks are turning in a lackluster performance in early trading on Friday. The major averages are lingering near the unchanged line after ending Thursday's trading at multi-year closing highs.
The choppy trading comes as traders seem reluctant to make any significant moves following the strong upward move seen in recent sessions, expressing some uncertainty about the outlook for the markets.
While most of the major sectors are showing only modest moves, considerable strength has emerged among oil service stocks. The Philadelphia Oil Service Index has surged up by 1.8 percent amid an increase by the price of crude oil.
Natural gas, railroad, and steel stocks are also seeing early strength, while weakness is visible among computer hardware and housing stocks.
The major averages are currently turning in a mixed performance, with the Nasdaq posting a modest loss. While the Nasdaq is down 4.74 points or 0.2 percent at 3,051.63, the Dow is up 9.80 points or 0.1 percent at 13,262.56 and the S&P 500 is up 1.05 points or 0.1 percent at 1,403.65.
by RTT Staff Writer
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