Major Averages Close Just Above The Unchanged Line

(RTTNews) - Stocks showed a lack of direction throughout much of the trading day on Tuesday before ending the session slightly higher. The slim gains on the day lifted the Nasdaq to a new record closing high, while the S&P 500 reached its best closing level in a month.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster performance by the broader markets.

Steel stocks showed a strong move to the upside over the course of the session, however, with the NYSE Arca Steel Index climbing by 1.1 percent. Olympic Steel (ZEUS) and Allegheny Technologies (ATI) turned in two of the sector's best performances.

Notable strength was also visible among energy stocks, which moved higher along with the price of crude oil. In its first day as the front-month contract, crude for August delivery climbed $0.63 to $61.01 a barrel.

On the other hand, utilities stocks saw considerable weakness throughout the day, dragging the Dow Jones Utilities Average down by 1.4 percent. NiSource (NI) and CenterPoint Energy (CNP) posted notable losses.

The major averages finished the day just above the unchanged line. The Dow crept up 24.29 points or 0.1 percent to 18,144.07, the Nasdaq edged up 6.12 points or 0.1 percent to 5,160.09 and the S&P 500 inched up 1.35 points or 0.1 percent to 2,124.20.