Stocks turned in a mixed performance on Monday following the release of a mixed batch of U.S. economic data. Uncertainty about the outlook for corporate earnings also impacted trading along with renewed concerns about the European debt crisis.
While many of the major sectors showed relatively modest moves, considerable strength was visible among commercial real estate stocks. The Morgan Stanley REIT Index advanced by 1.6 percent amid strong gains by Corporate Office Properties Trust (OFC) and Cousins Properties (CUZ).
Trucking stocks also showed a strong move to the upside on the day, driving the Dow Jones Trucking Index up by 1.3 percent. YRC Worldwide (YRCW) helped to lead the trucking sector higher, surging up by 13.4 percent.
Utilities, pharmaceutical, and banking stocks also saw considerable strength, with Citigroup turning in one of the banking sector's best performances after reporting its first quarter results.
Meanwhile, oil service stocks saw significant weakness on the day, resulting in a 1.8 percent drop by the Philadelphia Oil Service Index. The weakness in the oil service came even though the price of crude oil ended the day modestly higher.
Gold, health insurance, and internet stocks also posted notable losses, with gold stocks moving lower along with the price of the precious metal.
While the Dow managed to remain positive throughout the session, the Nasdaq and the S&P 500 closed in the red. The Dow rose by 71.82 points or 0.6 percent to 12,921.41, while the Nasdaq fell 22.93 points or 0.8 percent to 2,988.40 and the S&P 500 edged down 0.69 points or 0.1 percent to 1,369.57.
by RTT Staff Writer
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