Major Averages Close Mixed As Nasdaq Clings To Modest Gain

(RTTNews) - Stocks moved mostly lower over the course of the trading day on Friday after trending higher over the course of the four previous sessions. The major averages turned in a mixed performance, however, as strength in the tech sector contributed to a modest gain by the Nasdaq.

While many of the major sectors ended the day showing only modest moves, substantial weakness was visible among steel stocks. The NYSE Arca Steel Index plummeted by 4.7 percent, pulling back toward the nearly six-year lows set last week.

Cliffs Natural Resources (CLF), U.S. Steel (X), and ArcelorMittal (MT) turned in some of the steel sector's worst performances.

Gold stocks also came under considerable pressure on the day, dragging the NYSE Arca Gold Bugs Index down by 3.6 percent. The weakness in the sector came as gold for February delivery slid $8.10 to $1,292.60 an ounce.

Transportation, chemical, and banking stocks also saw notable weakness, giving back some ground after moving sharply higher over the past few days.

On the other hand, networking stocks moved notably higher on the day, contributing to the modest gain posted by the Nasdaq. Infinera (INFN) helped to lead the sector higher, surging up by 18 percent after reporting strong fourth quarter earnings.

While the tech-heavy Nasdaq edged up 7.48 points or 0.2 percent to 4,757.88, the Dow fell 141.38 points or 0.8 percent to 17,672.60 and the S&P 500 slid 11.33 points or 0.6 percent to 2,051.82.

Even with the mixed performance on the day, the major averages all moved higher for the week. The Nasdaq surged up by 2.7 percent, while the S&P 500 jumped by 1.6 percent and the Dow advanced by 0.9 percent.