RTTNews - With traders reluctant to make any significant moves, stocks have shown a lack of direction throughout morning trading on Wednesday. The major averages have been bouncing back and forth across the unchanged line after ending the previous session sharply lower.
The choppy trading comes as traders digest some mixed economic data, including a report from ADP showing a drop in private sector employment in August that exceeded economist estimates but still marked the smallest drop in jobs since September of 2008.
Despite the lackluster performance being shown by the broader markets, gold stocks are posting standout gains amid a notable increase by the price of the precious metal. With gold for December delivery up $19.80 at $976.30 an ounce, the NYSE Arca Gold Bugs Index is up 6.2 percent.
While significant strength is also visible among health insurance stocks, housing, networking, and banking stocks are seeing considerable weakness, pulling back further off their recent highs.
The major averages are currently posting modest gains, just off their best levels of the day. The Dow is currently up 13.00 at 9,323.60, the Nasdaq is up 5.43 at 1,974.32 and the S&P 500 is up 1.26 at 999.30.
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