Major Averages Turn Mixed After Showing Initial Move To The Downside

(RTTNews) - With traders digesting a mixed batch of U.S. economic data, stocks are turning in yet another lackluster performance in early trading on Wednesday. The major averages initially moved to the downside but have bounced back near the unchanged line since then.

A disappointing report on private sector employment contributed to the initial weakness on Wall Street, although selling pressure has waned following the release of a separate report showing faster than expected service sector growth.

Traders also remain reluctant to make any significant moves ahead of the European Central Bank meeting on Thursday and the release of the closely watched monthly U.S. jobs report on Friday.

Most of the major sectors are showing only modest moves, although considerable strength has emerged among biotechnology stocks. The NYSE Arca Biotechnology Index has risen by 1.2 percent to its best intraday level in two months.

Exact Sciences (EXAS) is leading the biotech sector higher, with the molecular diagnostics company surging up by 6.7 percent.

Currently, the major averages are turning in a mixed performance. While the tech-heavy Nasdaq is up 3.32 points or 0.1 percent at 4,237.40, the Dow is down 28.61 points or 0.2 percent at 16,693.73 and the S&P 500 is down 1.46 points or 0.1 percent at 1,922.78.