Major Averages Turning In Mixed Performance In Mid-Day Trading

(RTTNews) - Stocks have shown a lack of direction over the course of the trading day on Friday, extending the lackluster performance seen over the past few sessions. The choppy trading comes despite the release of upbeat employment data.

While most of the major sectors are showing only modest moves, considerable strength has emerged among gold stocks. The NYSE Arca Gold Bugs Index has surged up by 1.6 percent but remains stuck in a recent trading range.

The strength in the gold sector comes amid a notable increase by the price of the precious metal, with gold for June delivery climbing $18.80 to $1,302.20 an ounce.

Housing stocks are also holding on to strong gains in mid-day trading, resulting in a 1.6 percent advance by the Philadelphia Housing Sector Index. MDC Holdings (MDC) and D.R. Horton (DHI) are turning in two of the sector's best performances.

Meanwhile, biotechnology stocks have come under significant selling pressure on the day, dragging the NYSE Arca Biotechnology Index down by 1.5 percent. Pharmacyclics (PCYC) is leading the sector lower after reporting its quarterly results.

Notable weakness is also visible among utilities stocks, as reflected by the 1.4 percent loss being posted by the Dow Jones Utilities Average. With the drop, the average is giving back ground after ending the previous session at a record closing high.

Currently, the major averages are turning in a mixed performance. While the Dow is down 7.80 points or 0.1 percent at 16,551.07, the Nasdaq is up 8.74 points or 0.2 percent at 4,136.20 and the S&P 500 is up 1.56 points or 0.1 percent at 1,885.24.