With traders digesting a slew of new economic data, stocks have shown a lack of direction over the course of early trading on Thursday. The major averages have been bouncing back and forth across the unchanged line.
The choppy trading comes as the largely upbeat batch of data has generated optimism about the economic recovery but raised concerns about the outlook for the Federal Reserve's asset purchase program.
Before the start of trading, the Commerce Department released a report showing slightly stronger than expected retail sales growth in May, while the Labor Department reported an unexpected drop in weekly jobless claims.
While most of the major sectors are showing only modest moves, considerable strength has emerged among steel stocks. The NYSE Arca Steel Index has surged up by 2.2 percent, bouncing off the nearly four-year low set in the previous session.
Commercial real estate stocks are also turning in a strong performance after falling sharply in recent weeks, with the NYSE Arca REIT Index up by 1.3 percent.
The major averages are currently turning in a mixed performance, with the Nasdaq posting a modest loss. While the Nasdaq is down 1.83 points or 0.1 percent at 3,398.60, the Dow is up 13.75 points or 0.1 percent at 15,008.98 and the S&P 500 is up 2.14 points or 0.1 percent at 1,614.66.
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