Major Average Close Mixed For Second Straight Day

(RTTNews) - Stocks showed a lack of direction over the course of the trading day on Thursday, as traders weighed mostly positive catalysts against concerns about valuations. The major averages bounced back and forth across the unchanged line before closing mixed for the second straight day.

While many of the major sectors ended the day showing only modest moves, considerable weakness was visible among biotechnology stocks. The NYSE Arca Biotechnology Index fell by 1.9 percent, adding to the loss posted in the two previous sessions.

InterMune (ITMN) and ImmunoGen (IMGN) turned in two of the biotech sector's worst performances, falling by 4 percent and 3.7 percent, respectively.

Natural gas stocks also came under pressure on the day, dragging the NYSE Arca Natural Gas Index down by 1.6 percent. The pullback by the index came after it ended the previous session at a record closing high.

Oil service, brokerage, and utilities stocks also saw notable weakness, while strength was visible among semiconductor and telecom stocks.

After climbing above its record closing high, the Dow gave back some ground but still closed up 32.43 points or 0.2 percent at 16,550.97. On the other hand, the Nasdaq fell 16.18 points or 0.4 percent to 4,051.50 and the S&P 500 dipped 2.58 points or 0.1 percent to 1,875.63.