Stocks are turning in a lackluster performance in early trading on Monday, as traders seem reluctant to make any significant moves. The major averages are lingering near the unchanged line after showing a strong move to the upside last week.
The choppy trading on Wall Street comes as traders appear to be taking a break following the strong upward move seen over the past several months.
Traders seem wary of cashing in on the recent strength amid concerns about missing out on further upside for the markets.
The markets are also digesting news from tech giant Apple (AAPL), which announced plans to initiate a dividend and a share repurchase program.
Most of the major sectors are showing only modest moves, although notable strength has emerged among brokerage stocks. The NYSE Arca Broker/Dealer Index has advanced by 1.4 percent, reaching its best intraday level in nearly eight months.
Housing, banking, and steel stocks have also moved to the upside in early trading, although buying interest has remained subdued.
The major averages are currently turning in a mixed performance, with the Dow posting a modest loss. While the Dow is down 8.70 points or 0.1 percent at 13,223.92, the Nasdaq is up 9.59 points or 0.3 percent at 3,064.85 and the S&P 500 is up 2.65 points or 0.2 percent at 1,406.82.
by RTT Staff Writer
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