Major Averages Turn Mixed In Early Trading

(RTTNews) - After moving to the downside last week, stocks are turning in a lackluster performance in early trading on Monday. The major averages have turned mixed on the day after failing to sustain an upward move at the start of trading.

The choppy trading on Wall Street reflects uncertainty about the outlook for the markets following the release of a mixed batch of U.S. economic data.

While a report from the Institute for Supply Management showed that activity in the service sector unexpectedly grew at a slower rate in December, the Commerce Department reported a bigger than expected increase in factory orders in November.

Most of the major sectors are showing only modest moves in early trading, contributing to the lack of direction being shown by the broader markets.

Steel stocks have come under pressure, however, with the NYSE Arca Steel Index down by 1.3 percent. The index is pulling back further off the eleven-month closing high it set last Tuesday.

On the other hand, banking stocks are seeing considerable strength on the day, driving the Dow Jones Banks Index up by 1.2 percent. With the gain, the index has reached a five-year high.

Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 14.08 points or 0.3 percent at 4,117.83, the Dow is up 27.10 points or 0.2 percent at 16,497.09 and the S&P 500 is up 1.36 points or 0.1 percent at 1,832.73.