Stocks are continuing their lackluster outing in mid-afternoon trading on Tuesday, as limited volume during the last trading week of the year has contributed to a lack of significant movement in the equity markets.
The subdued reaction in the markets comes even after the Conference Board reported that consumer attitudes improved by a modest margin in the month of December, with the organization's consumer confidence index rising roughly in line with economist estimates.
Traders also looked to a report from Standard and Poor's showing a continued slowdown in the annual rate of decline in home prices in the month of October.
On the employment front, CareerBuilder released its 2010 Job Forecast this morning, indicating that some employers have signaled a boost in hiring for the New Year.
According to the forecast, which surveyed over 2,700 hiring managers and human resource professionals nationwide, 20 percent of employers plan to increase their number of full-time, permanent employees in 2010. This represents an increase from 14 percent in 2009.
In today's market action, airline stocks have remained in the spotlight after President Barack Obama said that the country's system of monitoring commercial airline safety will undergo a thorough review.
The President stated that the Transportation Security Administration would boost security and screening efforts both in-flight and at airports, which has generated some buying interest in defense stocks.
The major averages have continued to see choppy movement in recent dealing, largely holding near their early afternoon levels. While the Dow is currently up 17.08 at 10,564.16, the Nasdaq is down 1.38 at 2,289.70 and the S&P 500 is down 0.04 at 1,127.74.
Dow Components
A majority of the Dow components are moving higher, contributing to the slim gain by the blue chip index in mid-afternoon trading.
Disney (DIS) is the Dow's leading percentage gainer, climbing by 1.6 percent. Despite the advance, the stock remains in a range, hovering near the fifteen month closing high set earlier this month.
3M (MMM) is also on the rise, continuing its hot streak for a seventh straight session with a 0.9 percent gain. With the gain, the stock is poised to end the day at a fresh two-year closing high.
Microsoft (MSFT), Procter & Gamble (PG) and General Electric (GE) are also seeing buying interest, while weakness is present in shares of Bank of America (BAC), which are down by 0.9 percent. With the pullback, the stock is poised to set a two-week closing low.
Caterpillar (CAT) and Chevron (CVX) are also under pressure, although they are seeing more tame losses.
Sector News
Electronic storage stocks are continuing their disappointing performance in mid-afternoon trading, with the NYSE Arca Disk Drive Index down by 1.3 percent. The pullback is dragging the index further off of the eighteen month closing high set last Thursday.
Commercial real estate stocks are also notably lower, dragging the Morgan Stanley REIT Index down by 1.4 percent. The index is being hurt by shares of Highwoods Properties (HIW), which are down 2.7 percent, falling from the fifteen month closing high set yesterday.
Health insurance and oil service stocks are also moving lower, while trucking stocks continue see strong gains. The Dow Jones Trucking Index is up by 1.4 percent, on pace to set a fifteen month closing high.
In Focus: Economic Data
As mentioned above, the Conference Board reported that its consumer confidence index rose to 52.9 in December from a revised 50.6 in November. Economists had been expecting the index to increase to 53.0 from the 49.5 originally reported for the previous month.
Separately, Standard and Poor's reported that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 7.3 percent in October compared to a revised 9.3 percent decline in September.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region closed on the upside by modest margins on Tuesday. Japan's benchmark Nikkei 225 Index drifted up by less than a tenth of a percent, while Hong Kong's Hang Seng Index edged up by 0.1 percent.
The major European markets also saw modest gains. The French CAC 40 Index and the German DAX Index rose by 0.3 percent and 0.1 percent, respectively, while the UK's FTSE 100 advanced by 0.7 percent.
In the bond markets, treasuries have strengthened following the average results of today's five-year note offering. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is trading at 3.817 percent, down by 2.5 basis points.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.