Major Averages Posting Modest Losses In Mid-Day Trading

(RTTNews) - Stocks have shown a lack of direction over the course of the trading session on Thursday after failing to sustain an initial upward move. The major averages have spent the day bouncing back and forth across the unchanged line.

Many of the major sectors are showing only modest moves on the day, contributing to the lackluster performance being shown by the broader markets.

Commercial real estate stocks are seeing considerable weakness, however, with the Morgan Stanley REIT Index falling by 1.7 percent. One Liberty Properties (OLP) and Ramco-Gershenson Properties Trust (RPT) are posting notable losses.

Significant weakness has also emerged among housing stocks, as reflected by the 1.2 percent loss being posted by the Philadelphia Housing Sector Index. The weakness in the sector partly reflects negative comments from JP Morgan.

On the other hand, oil service stocks continue to turn in a strong performance on the day, driving the Philadelphia Oil Service Index up by 2.6 percent. The gains by oil service stocks come as crude for May delivery is climbing $0.66 to $51.08 a barrel.

Telecom and natural gas stocks are also seeing notable strength, partly offsetting the weakness seen in the aforementioned sectors.

Currently, the major averages are posting modest losses on the day. The Dow is down 25.73 points or 0.1 percent at 17,876.78, the Nasdaq is down 8.62 points or 0.2 percent at 4,942.20 and the S&P 500 is down 1.56 points or 0.1 percent at 2,080.34.