After ending the previous session sharply higher, stocks showed a lack of direction over the course of the trading day on Monday. The major averages bounced back and forth across the unchanged line before ending the session mixed.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster performance by the broader markets.
Nonetheless, considerable strength was visible among biotechnology stocks, as reflected by the 2.7 percent gain posted by the NYSE Arca Biotechnology Index. With the gain, the index ended the session at its best closing level in well over a month.
While Amylin helped to lead the biotech sector higher, Incyte (INCY) and Myriad Genetics (MYGN) also posted notable gains.
Tobacco stocks also saw significant strength, driving the NYSE Arca Tobacco Index up by 2.5 percent.
The gain extended a recent upward move by the index, which ended the session at a record high.
Telecom, airline, and electronic storage stocks also posted notable gains, while substantial weakness was visible among health insurance stocks. The Morgan Stanley Healthcare Payor Index fell by 1.6 percent to a six-month closing low.
While the major averages all moved to the upside going into the close, the Dow remained stuck in the red. The Dow edged down 8.70 points or 0.1 percent to 12,871.39, while the Nasdaq rose 16.18 points or 0.6 percent to 2,951.23 and the S&P 500 crept up 3.35 points or 0.3 percent to 1,365.51.
by RTT Staff Writer
For comments and feedback: email@example.com