RTTNews - After failing to sustain an initial upward move, stocks have shown a lack of direction over the course of morning trading on Thursday. The major averages have bounced back and forth across the unchanged line.
The choppy trading comes as traders digest some mixed economic data that has led to some uncertainty about the outlook for the economy. While durable goods orders and new home sales rose in April, the growth followed significant downward revisions to the March data.
Despite the volatility being shown by the broader markets, resource stocks are seeing considerable strength amid an increase in commodities prices. With the price of gold rising more than $10 an ounce, the Amex Gold Bugs Index is up 4.5 percent.
While financial, health insurance, and utilities stocks are also seeing some strength, housing stocks have moved sharply lower over the course of the trading day. Retail, electronic storage, and healthcare provider stocks have also come under pressure.
The major averages are currently all in positive territory, although the tech-heavy Nasdaq is only slight above the unchanged line. While the Nasdaq is currently up 0.64 at 1,731.72, the Dow is up 29.39 at 8,329.41 and the S&P 500 is up 4.80 at 897.86.
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