10.01.2014 22:22:31
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Major Averages Close Mixed For Third Straight Day
(RTTNews) - With traders digesting the closely watched monthly jobs report, stocks fluctuated over the course of the trading day on Friday. The major averages eventually closed mixed for the third consecutive session.
Despite the lack of direction shown by the broader markets, gold stocks saw substantial strength throughout the trading day. The NYSE Arca Gold Bugs Index surged up by 3 percent after trending lower over the past few sessions.
The strength among gold stocks came amid a notable increase by the price of the precious metal, with gold for February delivery jumping $17.50 to $1,246.90 an ounce.
Trucking stocks also moved sharply higher, driving the Dow Jones Trucking Index up by 2.3 percent to a record closing high. Con-way (CNW) helped lead the sector higher, advancing by 5.3 percent.
Biotechnology, airline, and utilities stocks also saw considerable strength on the day, while modest weakness was visible among banking stocks.
The Dow ended the day modestly lower, while the broader Nasdaq and S&P 500 moved to the upside. While the Dow edged down 7.71 points or 0.1 percent to 16,437.05, the Nasdaq climbed 18.47 points or 0.4 percent to 4,174.66 and the S&P 500 rose 4.24 points or 0.2 percent to 1,842.37.
The major averages also turned in a mixed performance for the week. The Dow dipped 0.2 percent, while the Nasdaq jumped 1 percent and the S&P 500 advanced 0.6 percent.
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