Major Averages Remain On Opposite Sides Of Unchanged Line

(RTTNews) - With traders taking a breather following the upward move seen over the past few sessions, stocks continue to turn in a lackluster performance in mid-day trading on Friday. The major averages are showing only modest moves after ending Thursday's trading sharply higher.

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

Steel stocks are seeing substantial weakness, however, with the NYSE Arca Steel Index tumbling by 3.6 percent. Cliffs Natural Resources (CLF), ArcelorMittal (MT), and U.S. Steel (X) are turning in some of the sector's worst performances.

Considerable weakness also remains visible among gold stocks, as reflected by the 2.7 percent loss being posted by the NYSE Arca Gold Bugs Index. The weakness in the sector comes as gold for February delivery is sliding $10.60 to $1,290.10 an ounce.

On the other hand, networking stocks have shown a strong move to the upside on the day, driving the NYSE Arca Networking Index up by 2.3 percent. Infinera (INFN) has helped to lead the sector higher, surging up by 18.7 percent after reporting strong fourth quarter earnings.

Natural gas and internet stocks are also seeing strength in mid-day trading, although buying interest has remained somewhat subdued.

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is up 7.30 points or 0.2 percent at 4,757.70, the Dow is down 56.96 points or 0.3 percent at 17,757.02 and the S&P 500 is down 4.57 points or 0.2 percent at 2,058.58.