After failing to sustain an initial upward move, stocks have turned in a lackluster performance over the course of morning trading on Tuesday. The major averages have been bouncing back and forth across the unchanged line.
Bargain hunting contributed to the early strength on Wall Street, with some traders picking up stocks at reduced levels following the sell-off that was seen on Monday.
Lingering concerns about the ongoing European debt crisis helped to keep buying interest somewhat subdued, however, limiting the upside for the markets.
Stocks subsequently gave back some ground following the release of a report from the Conference Board showing a bigger than expected drop by its consumer confidence index for the month of June.
Most of the major sectors are showing only modest moves in late morning trading, although gold stocks have come under pressure amid a decrease by the price of the precious metal.
The major averages are currently turning in a mixed performance, with the Nasdaq up 2.63 points or 0.1 percent at 2,838.79, while the Dow is down 31.86 points or 0.3 percent at 12,470.80 and the S&P 500 is down 0.92 points or less than a tenth of a percent at 1,312.80.
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