RTTNews - Stocks have continued to show a lack of direction throughout morning trading on Thursday, with the major averages bouncing back and forth across the unchanged line after showing a particularly strong upward move over the course of the previous session.
The choppy trading comes as traders express some uncertainty about the outlook for the markets following recent gains. Some mixed economic and earnings news is also contributing to the lackluster performance by the broader markets.
Nonetheless, considerable weakness has emerged among financial stocks, as traders express concerns that commercial lender CIT Group (CIT) will need to file for bankruptcy after talks with federal regulators broke down yesterday.
While some airline, health insurance, and wireless stocks are also posting notable losses, considerable strength remains visible in the biotechnology sector. Human Genome Sciences (HGSI) is leading the biotech sector higher, advancing 26.9 percent.
The major averages are currently posting modest losses, well off their worst levels of the day. The Dow is currently down 4.91 at 8,611.30, the Nasdaq is down 0.50 at 1,862.40 and the S&P 500 is down 3.14 at 929.54.
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