Major Averages Close On Opposite Sides Of Unchanged Line

(RTTNews) - Stocks showed a lack of direction throughout much of the trading day on Wednesday before ending the session mixed. The choppy trading came on the heels of the notable upward move that was seen during the previous session.

While many of the major sectors ended the day showing only modest moves, considerable strength was visible among semiconductor stocks. The Philadelphia Semiconductor Index rose by 1.6 percent, reaching its best closing level in over six years.

Micron (MU) helped lead the semiconductor sector higher, with the chipmaker jumping 9.9 percent after reporting better than expected first quarter results.

Airline stocks also turned in a strong performance, resulting in a 1.6 percent gain by the NYSE Arca Airline Index. The gain lifted the index to an eleven-year closing high.

Biotechnology and networking stocks also saw significant strength, contributing to the upward move by the tech-heavy Nasdaq.

Meanwhile, gold stocks came under pressure on the day, moving lower along with the price of the precious metal. With gold for February delivery sliding $4.10 to $1,225.50 an ounce, the NYSE Arca Gold Bugs Index dropped by 1.6 percent.

The major averages eventually closed on opposite sides of the unchanged line. While the Nasdaq rose 12.43 points or 0.3 percent to 4,165.61, the Dow fell 68.20 points or 0.4 percent to 16,462.74 and the S&P 500 edged down 0.39 points or less than a tenth of a percent to 1,837.49.