Major Averages Close Mixed Following Lackluster Trading Day

(RTTNews) - After turning lower over the course of the previous session, stocks turned in a relatively lackluster performance during trading on Tuesday. The major averages bounced back and forth across the unchanged line before eventually ending the session mixed.

Despite the lackluster performance turned in by the broader markets, steel stocks showed a substantial move to the upside on the day. Reflecting the strength in the sector, the NYSE Arca Steel Index surged up by 3 percent.

The strength among steel stocks was partly attributed to a report showing that Brazilian iron ore exports rose to a three-month high in March.

Significant strength was also visible among energy stocks, which moved higher along with the price of crude oil. Crude for May delivery jumped $1.38 to $53.29 a barrel on the day.

Within the energy sector, oil service stocks posted particularly strong gains, driving the Philadelphia Oil Service Index up by 2.3 percent to a three-month closing high.

Networking, trucking and gold stocks also saw notable strength on the day, while weakness was visible among semiconductor and railroad stocks.

Norfolk Southern (NSC) helped to lead the railroad sector lower, tumbling by 4.1 percent after warning of weaker than expected first quarter earnings.

While weakness among some tech stocks dragged the Nasdaq down by 10.96 points or 0.2 percent to 4,977.29, the Dow and the S&P 500 closed modestly higher. The Dow rose 59.66 points or 0.3 percent to 18,036.70 and the S&P 500 edged up 3.41 points or 0.2 percent to 2,095.84.