Major Averages End Lackluster Trading Day Nearly Flat

(RTTNews) - After ending the previous session slightly higher, stocks showed a lack of direction throughout much of the trading day on Friday. The major averages spent the day bouncing back and forth across the unchanged line before closing nearly flat.

Reflecting the lackluster performance by the broader markets, most of the major sectors ended the day showing only modest moves.

Gold stocks saw substantial strength, however, with the NYSE Arca Gold Bugs Index soaring by 6.9 percent. The rally came as gold for December delivery jumped $24.10 to $1,185.60 an ounce.

Within the gold sector, Iamgold (IAG) surged up by 21.8 percent after HSBC Securities raised its rating on the company's stock to Overweight from Neutral.

Considerable strength was also visible among computer hardware stocks, as reflected by the 1.7 percent gain posted by the NYSE Arca Computer Hardware Index. With the gain, the index reached a new record closing high.

Networking, internet, and energy stocks also saw some strength on the day, although buying interest remained relatively subdued.

On the other hand, biotechnology showed a significant move the downside, dragging the NYSE Arca Biotechnology Index down by 2.3 percent. BioMarin (BMRN) and Biogen Idec (BIIB) turned in two of the sector's worst performances.

Tobacco and airline stocks also came under pressure over the course of the session, offsetting the strength in the aforementioned sectors.

While the Dow edged down 18.05 points or 0.1 percent to 17,634.74 after ending Thursday's trading at a record closing high, the Nasdaq inched up 8.40 points or 0.2 percent to 4,688.54 and the S&P 500 crept up 0.49 points or less than a tenth of a percent to 2,039.82.

Despite the mixed performance on the day, the major averages all moved higher for the week. The Nasdaq surged up by 1.2 percent, while the Dow and the S&P 500 rose by 0.3 percent and 0.4 percent, respectively.