Major Averages Close Mixed After Early Rally Fades

(RTTNews) - After showing a strong move to the upside in early trading on Thursday, stocks gave back ground over the course of the session. The major averages pulled back well off their best levels of the day before ending the session mixed.

Many of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.

Biotechnology stocks saw significant weakness, however, with the NYSE Arca Biotechnology Index tumbling by 1.9 percent. Celldex Therapeutics (CLDX) and Incyte (INCY) posted steep losses.

Notable weakness was also visible among gold stocks, as reflected by the 1.8 percent loss posted by the NYSE Arca Gold Bugs Index. The weakness in the sector came as gold for December delivery fell $9.10 to $1,124.50 an ounce.

On the other hand, oil service stocks showed a strong move to the upside, moving higher along with the price of crude oil. With crude for October delivery climbing $0.50 to $46.75 a barrel, the Philadelphia Oil Service Index rose by 1.2 percent.

Housing stocks also turned in a strong performance on the day, resulting in a 1.1 percent gain by the Philadelphia Housing Sector Index.

While the Dow and the S&P 500 managed to end the day slightly higher, the Nasdaq fell 16.48 points or 0.4 percent to 4,733.50. The Dow edged up 23.88 points or 0.1 percent to 16,376.76, and the S&P 500 crept up 2.27 points or 0.1 percent to 1,951.13.