Major Averages Turning In Another Mixed Performance

(RTTNews) - Stocks have turned mixed over the course of morning trading on Wednesday after once again failing to sustain an initial upward move. The major averages have pulled back off their early highs, although the tech-heavy Nasdaq has managed to remain in positive territory.

The mixed performance that has emerged on Wall Street comes as traders digest the latest batch of earnings news as well as a better than expected report on new home sales.

The Nasdaq is benefiting from a significant advanced by shares of Apple (AAPL), with the iPad and iPhone maker currently up by 5.8 percent.

After the close of trading on Tuesday, Apple reported fiscal third quarter earnings that fell year-over-year but came in above analyst estimates. The company also reported better than expected revenues.

Meanwhile, a notable drop by shares of Caterpillar (CAT) is weighing on the Dow. The construction equipment maker is down by 2.6 percent after reporting disappointing second quarter results and lowering its full-year guidance.

Traders are also reacting to a report from the Commerce Department showing that new home sales rose by much more than expected in June, reaching their highest level in five years.

The report is seen as a positive sign for the house market but has also added to concerns about the outlook for the Federal Reserve's stimulus program.

Currently, the major averages remain stuck on opposite sides of the unchanged line. While the Nasdaq is up 11.49 points or 0.3 percent at 3,590.77, the Dow is down 33.68 points or 0.2 percent at 15,534.06 and the S&P 500 is down 2.18 points or 0.1 percent at 1,690.21.