RTTNews - Stocks are turning in a mixed performance in late morning trading on Tuesday, with the major averages on opposite sides of the unchanged after trending higher in recent sessions. Traders are keeping a close eye on congressional testimony from Federal Reserve Chairman Ben Bernanke.
Bernanke told lawmakers that the U.S. economy is showing signs of stabilization and that the stimulus authorities have pumped into the global economy probably avoided a collapse of the financial system last year.
Nonetheless, banking stocks have come under pressure over the course of the morning, dragging the Kbw Bank Index down 2.9 percent. Significant weakness has also emerged among airline, computer hardware, and semiconductor sectors.
On the other hand, chemical, electronic storage, and biotechnology stocks continue to post notable gains. Strength also remains visible among oil service stocks, which are moving higher along with the price of oil.
The major averages have moved roughly sideways in recent trading, stuck on opposite sides of the unchanged line. While the Nasdaq is currently down 3.54 at 1,905.75, the Dow is up 44.82 at 8,892.97 and the S&P 500 is up 0.52 at 951.65.
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