Major Averages Remain Mixed In Mid-Day Trading

(RTTNews) - After ending the previous session roughly flat, stocks have continued to show a lack of direction throughout the trading day on Wednesday. The choppy trading comes following the release of a slew of U.S. economic data.

Despite the lack of direction being shown by the broader markets, considerable weakness is visible among oil service stocks. The Philadelphia Oil Service Index has fallen by 1.7 percent, with Diamond Offshore Drilling (DO) leading the way lower.

The weakness among oil service stocks comes even though the price of crude oil is nearly flat on the day, with crude for January delivery currently up $0.01 at $74.10 a barrel.

Gold stocks have also moved to the downside on the day, resulting in a 1.2 percent drop by the NYSE Arca Gold Bugs Index. A modest decrease by the price of gold is contributing to the weakness in the sector.

On the other hand, semiconductor stocks are turning in a strong performance in mid-day trading, with the Philadelphia Semiconductor Index up by 1.5 percent. With the gain, the index has reached its best intraday level in over thirteen years.

Analog Devices (ADI) has helped to lead the semiconductor sector higher after reporting better than expected fourth quarter results.

Currently, the major averages continue to turn in a mixed performance on the day. While the Dow is down 8.70 points or 0.1 percent at 17,806.24, the Nasdaq is up 16.69 points or 0.4 percent at 4,774.94 and the S&P 500 is up 2.46 points or 0.1 percent at 2,069.49.