RTTNews - After ending the previous session modestly higher, stocks have shown a lack of direction over the course of morning trading on Wednesday. The major averages have been bouncing back and forth across the unchanged line.
The choppy trading comes in spite of the release of some better than expected economic data, including a report from the Commerce Department showing much stronger than expected new home sales growth in the month of July.
Despite the lackluster performance by the broader markets, significant strength is visible in the biotechnology sector. Myriad Genetics (MYGN) and Human Genome Sciences (HGSI) are posting particularly strong gains.
While some airline, housing, and networking stocks are also posting strong gains, significant weakness is visible among metal and transportation stocks.
The major averages have moved to the downside in recent trading and are currently posting modest losses. The Dow is currently down 10.28 at 9,529.01, the Nasdaq is down 5.79 at 2,018.44 and the S&P 500 is down 2.29 at 1,025.71.
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