Major Averages Close Roughly Flat But Dow Hits Set Record Closing High

(RTTNews) - After ending the previous session mostly higher, stocks showed a lack of direction throughout the trading day on Wednesday. The major averages spent the day bouncing back and forth across the unchanged line before ending the session roughly flat.

Many of the major sectors ended the day showing only modest moves, although substantial weakness was visible among airline stocks. The NYSE Arca Airline Index plunged by 3 percent after ending the previous session at its best closing level in almost a month.

Republic Airways (RJET) posted a particularly steep loss, plummeting by 14.5 percent after reporting its fourth quarter results.

Computer hardware stocks also showed a significant move to the downside, dragging the NYSE Arca Computer Hardware Index down by 2.2 percent. Hewlett-Packard (HPQ) led the sector lower, tumbling by 9.9 percent after providing disappointing guidance.

While utilities stocks also came under pressure on the day, considerable strength was visible among gold stocks. Reflecting the strength in the gold sector, the NYSE Arca Gold Bugs Index surged up by 1.8 percent.

The gains by gold stocks came amid an increase by the price of the precious metal, with gold for April delivery climbing $4.20 to $1,201.50 an ounce.

Networking, biotechnology, and telecom stocks also saw notable strength, offsetting the weakness seen in the aforementioned sectors.

While the Dow inched up 15.38 points or 0.1 percent to a new record closing high of 18,224.57, the Nasdaq edged down 0.98 points or less than a tenth of a percent to 4,967.14 and the S&P 500 dipped 1.62 points or 0.1 percent to 2,113.86.