Major Averages Turning In Mixed Performance In Mid-Day Trading

(RTTNews) - After moving to the downside in early trading, stocks have regained some ground over the course of the trading day on Friday. The major averages have bounced well off their worst levels of the day, with the Dow and the Nasdaq climbing into positive territory.

Despite the recovery by the broader markets, significant weakness remains visible among oil service stocks. Reflecting the continued weakness in the sector, the Philadelphia Oil Service Index is down by 1.3 percent.

The continued weakness among oil service stocks comes even though the price of crude oil has climbed off its lows and is now nearly flat.

Utilities stocks have also come under pressure on the day, dragging the Dow Jones Utilities Average down by 1.2 percent. The average is on pace to end the day at a three-month closing low.

On the other hand, gold stocks have moved notably higher on the day, driving the NYSE Arca Gold Bugs Index up by 1.6 percent. The gain by the index comes after it ended the previous session at its lowest closing level in a month.

The gains by gold stocks comes despite a pullback by the price of the precious metal, which is nearly flat are moving higher earlier in the day.

Currently, the major averages are turning in a mixed performance. While the S&P 500 remains down 3.64 points or 0.2 percent at 2,093.81, the Dow is up 11.20 points or 0.1 percent at 17,996.97 and the Nasdaq is up 2.37 points or 0.1 percent at 4,927.07.