Major Averages Close Nearly Flat, Dow Still Sets New Record Closing High

(RTTNews) - After moving moderately lower in early trading on Tuesday, stocks regained some ground over the course of the session before closing roughly flat. Despite the lackluster close, the Dow still ended the session at a new record closing high.

The early weakness on Wall Street was partly due to profit taking, with some traders cashing in on the recent upward trend by the markets.

Nonetheless, traders seemed somewhat reluctant to make any significant moves amid a lack of traditionally market-moving catalysts.

Contributing to the lackluster close by the broader markets, most of the major sectors ended the day showing only modest moves.

Gold stocks saw significant strength, however, with the NYSE Arca Gold Bugs Index jumping by 2.3 percent. The strength in the sector came as gold for August delivery rose $6.20 to $1,260.10 an ounce.

Pharmaceutical stocks also saw some strength on the day, while weakness was visible among steel and commercial real estate stocks.

The major averages all ended the day near the unchanged line, showing moves of less than a tenth of a percent. While the S&P 500 edged down 0.48 points to 1,950.79, the Dow inched up 2.82 points to 16,945.92 and the Nasdaq ticked up 1.75 points to 4,338.00.