28.04.2015 22:23:48

Major Averages Close Mixed After Seeing Early Volatility

(RTTNews) - After seeing considerable volatility in early trading, stocks turned in a relatively lackluster performance throughout the remainder of the trading day on Tuesday. The major averages eventually ended the session on opposite sides of the unchanged line.

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

Gold stocks saw substantial strength, however, with the NYSE Arca Gold Bugs Index surging up by 3.7 percent. With the gain, the index reached a nearly two-month closing high.

The strength among gold stocks came amid a continued increase by the price of the precious metal, with gold for June delivery climbing $10.70 to $1,213.90 an ounce after jumping by $28.20 an ounce on Monday.

Significant strength was also visible among software stocks, as reflected by the 1.4 percent gain posted by the Dow Jones Software Index. The gain lifted the index to its best closing level in almost fifteen years.

While networking and telecom stocks also saw notable strength, biotechnology stocks added to the steep losses posted in the previous session. The NYSE Arca Biotechnology Index fell by 1.5 percent to a two-month closing low.

Pulling back further off last Friday's record closing high, the tech-heavy Nasdaq edged down 4.82 points or 0.1 percent to 5,055.42, while the Dow climbed 72.17 points or 0.4 percent to 18,110.14 and the S&P 500 rose 5.84 points or 0.3 percent to 2,114.76.

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