With traders seemingly reluctant to make any significant moves ahead of tomorrow's closely watched monthly jobs report, stocks turned in a lackluster performance throughout the trading day on Thursday, eventually ending the day mixed.
Most of the major sectors showed relatively modest moves on the day, although significant strength was visible among airline stocks. Extending a recent upward move, the NYSE Arca Airline Index rose by 2.1 percent to its best closing level in well over six months.
Brazilian airline Gol (GOL) helped to lead the sector higher, advancing by 6.3 percent, while United Continental (UAL) and SkyWest (SKYW) also posted strong gains.
Gold stocks also saw considerable strength, moving higher along with the price of the precious metal. With gold for April delivery climbing $9.80 to a two-month closing high of $1,759.30 an ounce, the NYSE Arca Gold Bugs Index advanced by 1.8 percent.
Biotechnology, oil service, and networking stocks also posted notable gains, although buying interest remained relatively subdued.
On the other hand, health insurance stocks came under pressure on the day, dragging the Morgan Stanley Healthcare Payor Index down by 1.1 percent. The loss by the index came after it ended the previous session at a record closing high.
The major averages closed on opposite sides of the unchanged line, with the Dow posting a modest loss. While the Dow edged down 11.05 points or 0.1 percent to 12,705.41, the Nasdaq rose 11.41 points or 0.4 percent to 2,859.68 and the S&P 500 inched up 1.45 points or 0.1 percent to 1,325.54.
Despite the mixed performance on the day, the tech-heavy Nasdaq extended a recent upward move, reaching its best closing level in almost seven months.
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