RTTNews - Stocks have shown a lack of direction over the course of morning trading on Wednesday, with the major averages bouncing back and forth across the unchanged line. The choppy trading comes as traders digest the latest batch of corporate results.

While most of the major sectors are showing relatively modest moves, significant strength has emerged in the housing sector. The Philadelphia Housing Sector Index is currently up 3 percent, rising to its best intraday level in over a year.

Some electronic storage, semiconductor, health insurance, and transportation stocks are also posting notable gains in late morning trading. Imation (IMN) is helping to lead the storage sector higher after reporting a narrower than expected adjusted second quarter loss.

On the other hand, oil service stocks are seeing considerable weakness amid a notable decrease by the price of oil. Some steel, banking, and utilities stocks are also posting steep losses.

Currently, the Dow and the S&P 500 are lingering near the unchanged line, while the tech-heavy Nasdaq is posting a moderate gain. The Nasdaq is currently up 6.16 at 1,922.36, while the Dow is up 0.08 at 8,916.02 and the S&P 500 is up 0.01 at 954.59.

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