Stocks are turning in another lackluster performance in early trading on Wednesday after moving roughly sideways over the past week. The major averages are lingering near the unchanged line after closing mixed in four out of the five previous sessions.
The choppy trading on Wall Street comes as traders digest a mixed batch of U.S. economic data. While the New York Federal Reserve released a disappointing regional manufacturing report, the Federal Reserve released a separate report showing a bigger than expected increase in industrial production.
The Labor Department also released a report showing that consumer prices unexpectedly came in unchanged for the second consecutive month in July.
Uncertainty about the near-term outlook for the markets has also contributed to the lackluster trading seen over the past several sessions.
While most of the major sectors are showing only modest moves, considerable strength has emerged among networking stocks. The NYSE Arca Networking Index has advanced by 1.1 percent, rebounding from the 2.3 percent loss it posted on Tuesday.
Health insurance, biotechnology, and banking stocks are also seeing early strength, while steel stocks have come under significant selling pressure.
The major averages have moved to the upside in the past few minutes and are currently posting modest gains. The Dow is up 9.52 points or 0.1 percent at 13,181.66, the Nasdaq is up 8.83 points or 0.3 percent at 3,025.81 and the S&P 500 is up 2.12 points or 0.2 percent at 1,406.05.
by RTT Staff Writer
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