Major Averages Close Mixed For Third Consecutive Session

(RTTNews) - With traders digesting the latest batch of earnings news, stocks fluctuated over the course of the trading day on Tuesday after failing to sustain an initial upward move. The major averages eventually closed mixed for the third consecutive session.

Despite the lack of direction shown by the broader markets, biotechnology stocks saw considerable strength on the day. The NYSE Arca Biotechnology Index jumped by 2.3 percent, reaching a new record closing high.

ImmunoGen (IMGN), Biogen Idec (BIIB) and Incyte (INCY) turned in some of the biotech sector's best performances.

Significant strength was also visible among natural gas stocks, which moved higher along with the price of natural gas. With natural gas for February delivery climbing $0.105 to $4.431 per million BTUs, the NYSE Arca Natural Gas Index advanced by 1.9 percent.

Tobacco, gold, and trucking stocks also showed notable moves to the upside on the day, while steel stocks came under substantial selling pressure.

While the Dow dipped 44.12 points or 0.3 percent to 16,414.44, the broader Nasdaq and S&P 500 both closed in positive territory. The Nasdaq climbed 28.18 points or 0.7 percent to 4,225.76, and the S&P 500 rose 5.10 points or 0.3 percent to 1,843.80.