Major Averages Pull Back Near Unchanged Line After Initial Upward Move

(RTTNews) - With trader digesting a mixed batch of U.S. economic data, stocks are turning in a lackluster performance in early trading on Thursday. The major averages initially moved moderately higher but have pulled back near the unchanged line since then.

The choppy trading on Wall Street comes as the mixed data has added to uncertainty about the near-term outlook for the markets.

Reports showing a contraction in first quarter GDP and a smaller than expected increase in pending home sales have helped to offset the positive sentiment generated by a separate report showing a bigger than expected drop in initial jobless claims.

Contributing to the lack of direction being shown by the broader markets, most of the major sectors are also showing only modest moves.

While some strength is visible among airline and tobacco stocks, steel stocks are extending the downward move seen in the previous session.

Currently, the major averages are turning in a mixed performance. While the Dow is down 0.94 points or less than a tenth of a percent at 16,632.24, the Nasdaq is up 6.74 points or 0.2 percent at 4,231.82 and the S&P 500 is up 1.38 points or 0.1 percent at 1,911.16.