Major Averages Turning In Mixed Performance In Mid-Day Trading

(RTTNews) - After ending the previous session little changed, stocks are turning in another lackluster performance during trading on Friday. The major averages have spent much of the day bouncing back and forth across the unchanged line.

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

Biotechnology stocks have come under considerable selling pressure, however, with the NYSE Arca Biotechnology Index falling by 1.6 percent. With the drop, the index is on pace to end the session at a three-month closing low.

Cepheid (CPHD), Agios Pharmaceuticals (AGIO), and Alkermes (ALKS) are turning in some of the biotech sector's worst performances.

Oil service, gold, and semiconductor stocks have also moved lower on the day, while strength is visible among tobacco, steel, and brokerage stocks.

Currently, the major averages are turning in a mixed performance on the day. While the Nasdaq is down 2.53 points or 0.1 percent at 5,031.03, the Dow is up 50.05 points or 0.3 percent at 17,458.30 and the S&P 500 is up 4.07 points or 0.2 percent at 2,087.46.