Major Averages End Choppy Trading Day Nearly Flat

(RTTNews) - With traders taking a break following the volatility seen over the two previous sessions, stocks showed a lack of direction throughout the trading day on Wednesday. The major averages spent the day lingering near the unchanged line.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.

Gold stocks saw considerable strength, however, with the NYSE Arca Gold Bugs Index rising by 1.3 percent. The strength among gold stocks came amid a modest increase by the price of the precious metal.

Notable strength was also visible among banking stocks, as reflected by the 1.2 percent gain posted by the Dow Jones Banks Index. Bank of America (BAC) helped to lead the sector higher, jumping by 3.2 percent.

Meanwhile, tobacco stocks came under pressure on the day, dragging the NYSE Arca Tobacco Index down by 1.1 percent. The pullback by the index came after it surged up to a three-month closing high on Tuesday.

The major averages ended the day mixed, although they were all nearly flat. While the Nasdaq crept up 6.00 points or 0.1 percent to 4,357.97, the Dow dipped 35.70 points or 0.2 percent to 16,360.18 and the S&P 500 edged down 0.10 points or less than a tenth of a percent to 1,873.81.