Major Averages Turning In Mixed Performance In Mid-Day Trading

(RTTNews) - After initially showing a lack of direction, stocks continue to turn in a lackluster performance in mid-day trading on Friday. The choppy trading extends the roughly sideways trend shown by the markets over the past two weeks.

Most of the major sectors are showing only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.

Biotechnology stocks have come under considerable selling pressure, however, with the NYSE Arca Biotechnology Index falling by 1.1 percent. With the drop, the index is pulling back further off the record closing high it set on Tuesday.

Gilead Sciences (GILD) is posting a steep loss after Bloomberg said the biopharmaceutical company is close to an agreement with generic drugmakers to bring low-cost versions of its $84,000 hepatitis C drug Sovaldi to about 80 developing countries.

Gold and banking stocks are also seeing moderate weakness on the day, while utilities stocks have shown a notable move to the upside.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 4.48 points or 0.1 percent at 4,557.81, the Dow is up 8.48 points or 0.1 percent at 17,078.06 and the S&P 500 is up 0.62 points or less than a tenth of a percent at 1,998.27.