Eagle River, WI 10/11/2011 (PennyPayDay) – After failing to sustain an initial downward move, stocks have turned in a lackluster performance over the course of morning trading on Tuesday. The major averages have turned mixed on the day after ending the previous session sharply higher.While profit taking contributed to the initial downward move on Wall Street, selling pressure waned not long after the open. The markets have experienced choppy trading since then as traders express some uncertainty about the outlook for stocks.
Traders seem reluctant to make significant moves ahead of the release of aluminum giant Alcoa's (AA) quarterly results after the close of trading. The release of results from Alcoa is seen as the unofficial start of the earnings reporting season.
Most of the major sectors are showing only modest moves on the day, although considerable strength has emerged among airline stocks. The NYSE Arca Airline Index has advanced by 2.3 percent, extending a recent upward move.
Computer hardware, oil service, and railroad stocks have also shown strong moves to the upside, while notable weakness remains visible among utilities and gold stocks.
The major averages currently remain mixed, with the Dow posting a modest loss. While the Dow is down 23.96 points or 0.2 percent at 11,409.22, the Nasdaq is up 12.40 points or 0.5 percent at 2,578.45 and the S&P 500 is up 0.50 points or less than a tenth of a percent at 1,195.39.
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