Major Averages Close Mixed For Fourth Time In Five Days

(RTTNews) - Extending the lackluster performance seen throughout much of the week, stocks showed a lack of direction during trading on Friday before closing roughly flat. The major averages spent the day bouncing back and forth across the unchanged line.

While most of the major sectors ended the day showing only modest moves, substantial strength was visible among gold stocks. The NYSE Arca Gold Bugs Index soared by 7.9 percent, climbing further off the eleven-year closing low set on Wednesday.

The continued recovery by gold stocks came amid a sharp increase by the price of the precious metal, with gold for December delivery jumping $27.20 to $1,169.80 an ounce.

Energy stocks also turned in a strong performance, moving higher along with the price of crude oil. Crude for December delivery climbed $0.74 to $78.65 a barrel, continuing to recover from the three-year closing low set on Tuesday.

Steel, networking, and utilities stocks also saw some strength on the day, although buying interest was relatively subdued.

On the other hand, biotechnology stocks came under pressure on the day, dragging the NYSE Arca Biotechnology Index down by 1.3 percent. With the drop, the index extended the pullback off Monday's record closing high.

Healthcare, telecom, and airline stocks also moved to the downside, offsetting the strength seen in the aforementioned sectors.

For the fourth time in five sessions, the major averages ended the day mixed. While the Nasdaq edged down 5.94 points or 0.1 percent to 4,632.53, the Dow inched up 19.46 points or 0.1 percent to 17,573.93 and the S&P 500 crept up 0.71 points or less than a tenth of a percent to 2,031.92.

For the week, the Nasdaq inched slightly higher, while the Dow jumped by 1.1 percent and the S&P 500 advanced by 0.7 percent. The Dow and the S&P 500 both reached new record closing highs.