Stocks have shown a lack of direction over the course of morning trading on Thursday after ending the previous session mixed following an afternoon recovery. The major averages have been bouncing back and forth across the unchanged line.
The choppy trading on Wall Street reflects uncertainty about the near-term outlook for the markets following the sharp pullback seen earlier this month.
While some analysts have described the markets as oversold in light of the recent weakness, traders appear reluctant to go bargain hunting amid continued concerns about the financial situation in Europe.
Despite the lackluster performance by the broader markets, substantial strength has emerged among airline stocks. The NYSE Arca Airline Index has surged up by 3.5 percent, with the strength in the sector partly due to some positive analyst comments from JP Morgan.
Health insurance and tobacco stocks are also seeing notable strength, while weakness remains visible among electronic storage stocks following disappointing guidance from NetApp (NTAP).
The major averages are currently turning in a mixed performance, with the Nasdaq posting a modest loss. While the Nasdaq is down 2.68 points or 0.1 percent at 2,847.44, the Dow is up 16.95 points or 0.1 percent at 12,513.10 and the S&P 500 is up 2.25 points or 0.2 percent at 1,321.11.
by RTT Staff Writer
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