Major Averages Close In Positive Territory But Off Early Highs

(RTTNews) - After showing a lack of direction throughout much of the two previous sessions, stocks moved mostly higher during trading on Wednesday. While the major averages were unable to sustain an early rally, they managed to remain in positive territory throughout the session.

Trucking stocks saw significant strength throughout the trading session, resulting in a 2.5 percent jump by the Dow Jones Trucking Index. With the gain, the index climbed further off the seven-month closing low it set last Friday.

YRC Worldwide (YRCW) and C.H. Robinson (CHRW) posted standout gains within the trucking sector, surging up by 7.6 percent and 5.5 percent, respectively.

Considerable strength was also visible among financial stocks. The Dow Jones Banks Index climbed by 1.4 percent, while the NYSE Arca Broker/Dealer Index advanced by 1.3 percent.

On the other hand, gold stocks came under pressure on the day, dragging the NYSE Arca Gold Bugs Index down by 2 percent. The weakness in the sector came as the price of gold for August delivery fell $9.50 to $1,184.90 an ounce.

Utilities stocks also saw significant weakness, adding to the steep losses posted in the previous session. The Dow Jones Utilities Average dropped 1.5 percent to its lowest closing level in almost three months.

Notable weakness among commercial real estate and natural gas stocks also helped to limit the upside for the broader markets.

The major averages ended the day moderately higher but well off their best levels. The Dow climbed 64.33 points or 0.4 percent to 18,076.27, the Nasdaq rose 22.71 points or 0.5 percent to 5,099.23 and the S&P 500 edged up 4.47 points or 0.2 percent to 2,114.07.