Major Averages Close On Opposite Sides Of Unchanged Line

(RTTNews) - After initially showing a lack of direction, stocks moved mostly higher over the course of morning trading on Friday before pulling back going into the close of the abbreviated session. The major averages eventually ended the day on opposite sides of the unchanged line.

Despite the lackluster close by the broader markets, many of the major sectors showed significant moves on the day.

Energy stocks saw substantial weakness amid a steep drop by the price of crude oil, with the Philadelphia Oil Service Index and the NYSE Arca Oil & Gas Index plunging by 8.5 percent and 7.3 percent, respectively.

Crude for January delivery has plunged $6.99 to $66.70 a barrel amid news that the powerful Organization of Petroleum Exporting Countries said it won't cut production levels.

Considerable weakness also emerged among gold stocks, as reflected by the 8.1 percent loss posted by the NYSE Arca Gold Bugs Index. The sell-off came as gold for February delivery tumbled $22 to $1,175.50 an ounce.

Railroad, steel, and chemical stocks also saw notable weakness, although the extent of the downward moves may have been accentuated by the below average volume.

On the other hand, airline stocks moved sharply on the day amid optimism about the impact of lower fuel prices. The NYSE Arca Airline Index surged up by 3.9 percent, reaching its best closing level in over twelve years.

Retail, trucking, and utilities stocks also saw significant strength, offsetting the weakness seen in the aforementioned sectors.

While the S&P 500 dipped 5.27 points or 0.3 percent to 2,067.56, the Dow inched up 0.49 points or less than a tenth of a percent to 17,828.24 and the Nasdaq edged up 4.31 points or 0.1 percent to 4,791.63.

For the week, the Nasdaq surged up by 1.7 percent, while the Dow and the S&P 500 crept up by 0.1 percent and 0.2 percent, respectively.