Major Averages Finish Choppy Trading Day Slightly Lower

(RTTNews) - Stocks fluctuated throughout much of the trading day on Thursday as traders weighed upbeat earnings news against some disappointing economic data. The major averages spent much of the session bouncing back and forth across the unchanged line before closing slightly lower.

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

Steel stocks saw significant weakness, however, with the NYSE Arca Steel Index tumbling by 1.8 percent. With the drop, the index gave back ground after ending the previous session at its best closing level in well over a month.

Notable weakness also remained visible among housing stocks, which moved lower on the heels of disappointing housing starts data. Reflecting the weakness in the sector, the Philadelphia Housing Sector Index dropped by 1.5 percent.

Oil service and gold stocks also moved to the downside, although the weakness was partly offset by strength in the tobacco, internet, and airline sectors.

Philip Morris (PM) helped to lead the tobacco sector higher, surging up by 8.7 percent after reporting better than expected first quarter earnings and raising its full-year earnings guidance.

While the major averages ended the day in the red, they were well off their lows for the session. The Dow dipped 6.84 points or less than a tenth of a percent to 18,105.77, the Nasdaq edged down 3.23 points or 0.1 percent to 5,007.79 and the S&P 500 slipped 1.64 points or 0.1 percent to 2,104.99.