Major Averages Close Mixed After Seeing Early Strength

(RTTNews) - After showing a strong move to the upside in early trading, stocks gave back some ground over the course of the trading day on Wednesday. The major averages pulled back well off their highs for the session and eventually closed mixed.

While many sectors ended the session off their early highs, strength among technology stocks helped to keep the Nasdaq firmly in positive territory.

Networking stocks turned in some of the tech sector's best performances, driving the NYSE Arca Networking Index up by 1.6 percent. With the gain, the index ended the session at its best closing level in well over a month.

Electronic storage, internet, and semiconductor stocks also ended the session notably higher but well off their best levels of the day.

On the other hand, gold stocks moved sharply lower over the course of the trading day, dragging the NYSE Arca Gold Bugs Index down by 2.3 percent. The weakness in the sector came as gold for December delivery fell $5.10 to $1,085.60 an ounce.

Significant weakness also emerged among natural gas stocks, with the NYSE Arca Natural Gas Index tumbling by 2.3 percent to its lowest closing level in well over three years.

The tech-heavy Nasdaq remained firmly positive throughout the session before closing up 34.40 points or 0.7 percent at 5,139.94. The S&P 500 also rose 6.52 points or 0.3 percent to 2,099.84, while the Dow edged down 10.22 points or 0.1 percent to 17,540.47.