28.05.2015 22:18:19

Major Averages Close Modestly Lower But Well Off Worst Levels

(RTTNews) - After showing a notable move to the downside in early trading on Thursday, stocks regained some ground over the course of the session but still closed modestly lower. With the drop on the day, the tech-heavy Nasdaq pulled back off yesterday's record closing high.

Many of the major sectors ended the session well off their worst levels of the day, although significant weakness remained visible among natural gas stocks. The NYSE Arca Natural Gas Index fell by 1.4 percent to its lowest closing level in nearly two months.

The weakness among natural gas stocks came amid a decrease by the price of the associated commodity, with natural gas for July delivery sliding $0.141 to $2.706 per million BTUs.

Railroad stocks also ended the day notably lower, resulting in a 1.3 percent loss by the Dow Jones Railroads Index. With the decrease, the index finished the session at a seven-month closing low.

Steel, airline, and trucking stocks also saw some weakness, although selling pressure waned from earlier in the session.

Meanwhile, gold stocks showed a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 1.6 percent. The index bounced off the nearly two-month closing low set in the previous session amid an increase by the price of gold.

Considerable strength was also visible among electronic storage stocks, as reflected by the 1.2 percent gain posted by the NYSE Arca Disk Drive Index. Western Digital (WDC) led the sector higher after being upgraded by Goldman Sachs.

The major averages ended the day in negative territory but well off their lows for the session. The Dow slipped 36.87 points or 0.2 percent to 18,126.12, the Nasdaq edged down 8.62 points or 0.2 percent to 5,097.98 and the S&P 500 dipped 2.69 points or 0.1 percent to 2,120.79.

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