Major Averages Turn Mixed In Mid-Day Trading

(RTTNews) - After moving mostly higher earlier in the session, stocks given back some ground over the course of the trading day on Tuesday. The major averages have pulled back off their highs for the session, with the Nasdaq dipping into negative territory.

Despite the pullback by the broader markets, housing stocks continue to see considerable strength, with the Philadelphia Housing Sector Index jumping by 3.1 percent. The index is regaining some ground after ending the previous session at its lowest closing level in over a month.

D.R. Horton (DHI) has helped to lead the housing sector higher, with the homebuilder surging up by 9.3 after reporting better than expected first quarter results.

Significant strength also remains visible among biotechnology stocks, as reflected by the 1.5 percent gain being posted by the NYSE Arca Biotechnology Index. Incyte (INCY) and Pharmacyclics (PCYC) are posting notable gains.

Steel, airline, and gold stocks also continue to see strength on the day, while most of the other major sectors are now showing more modest moves.

Currently, the major averages are on opposite sides of the unchanged line. The Nasdaq is down 4.63 points or 0.1 percent at 4,078.98, while the Dow is up 50.93 points or 0.3 percent at 15,888.81 and the S&P 500 is up 5.67 points or 0.3 percent at 1,787.23.