Major Averages Close Mixed For Third Straight Session

(RTTNews) - Following the lackluster performances seen in the two previous sessions, stocks saw some strength during trading on Wednesday. Buying interest remained somewhat subdued, however, and the major averages ended the day mixed once again.

After ending the previous session sharply lower, energy stocks showed a strong move back to the upside on the day amid a rebound by the price of crude oil.

Crude for December delivery surged up $1.49 to $78.68 a barrel after ending the previous session at its lowest closing level in three years.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index both jumped by 2.8 percent.

Considerable strength was also visible among utilities stocks, as reflected by the 2 percent gain posted by the Dow Jones Utilities Average. With the gain, the average reached a new record closing high.

On the other hand, gold stocks saw substantial weakness on the day, dragging the NYSE Arca Gold Bugs Index down by 4.7 percent to an eleven-year closing low.

The sell-off by gold stocks came amid a sharp drop by the price of the precious metal, with gold for December delivery tumbling $22 to $1,145.70 an ounce.

Biotechnology and internet stocks also came under pressure on the day, contributing to the modest loss posted by the tech-heavy Nasdaq.

While the tech-heavy Nasdaq edged down 2.91 points or 0.1 percent to 4,620.72, the Dow and the S&P 500 reached new record closing highs. The Dow climbed 100.69 points or 0.6 percent to 17,484.53 and the S&P 500 rose 11.47 points or 0.6 percent to 2,023.57.