Stocks continue to show a lack of direction in mid-afternoon trading on Tuesday, as traders seem reluctant to make any significant moves. The Dow and the S&P 500 have been bouncing back and forth across the unchanged line, while the tech-heavy Nasdaq has remained positive.
The choppy trading on Wall Street comes as traders are staying on the sidelines after Monday's rally drove the Nasdaq and the S&P 500 to multi-year closing highs. The markets have largely shrugged off the release of a report showing an unexpected drop in consumer confidence.
Despite the lackluster performance by the broader markets, housing stocks have moved sharply higher on the day. Lennar (LEN) has helped to lead the housing sector higher after reporting better than expected first quarter earnings.
While networking stocks are also seeing considerable strength, energy stocks have come under pressure on the day despite a modest increase by the price of crude oil. Most of the other major sectors are showing only modest moves.
The major averages are currently posting modest gains, with the Nasdaq just off its high for the session. The Nasdaq is up 10.77 points or 0.3 percent at 3,133.34, while the Dow is up 4.32 points or less than a tenth of a percent at 13,245.95 and the S&P 500 is up 1.44 points or 0.1 percent at 1,417.95.
by RTT Staff Writer
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