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Major Averages Remain Mixed In Late Morning Trading

Stocks continue to turn in a mixed performance in late morning trading on Monday following the release of a mixed batch of U.S. economic data. The major averages remain on opposite sides of the unchanged line after showing a notable move to the downside last week.

While better than expected retail sales data helped to drive stocks higher at the start of trading, disappointing New York manufacturing data and lingering uncertainty about corporate earnings helped to limit the upside for the markets.

Most of the major sectors are showing only modest moves, although considerable weakness has emerged among oil service stocks. The Philadelphia Oil Service Index is down by 1.4 percent, moving lower along with the price of crude oil.

Health insurance and internet stocks are also seeing significant weakness on the day, while strength remains visible among banking stocks. Citigroup (C) continues to turn in one of the banking sector's best performances after releasing its first quarter results. Shares of Citigroup are currently up by 2.6 percent.

Commercial real estate, airline, and pharmaceutical stocks have also moved to the upside, although buying interest remains subdued.

The major averages have moved roughly sideways in recent trading, with the S&P 500 nearly unchanged. The S&P 500 is up 0.52 points or less than a tenth of a percent at 1,370.78. While the Dow is up 78.41 points or 0.6 percent at 12,928.00, the Nasdaq is down 17.12 points or 0.6 percent at 2,994.21.

by RTTNews Staff Writer

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