Major Averages Finish Lackluster Session Mixed

(RTTNews) - Stocks turned in a lackluster performance throughout much of the trading session on Friday before eventually ending the session mixed. The choppy trading came on the heels of the sell-off that was seen in the previous session.

While many of the major sectors ended the day showing only modest moves, substantial weakness was visible among gold stocks. The NYSE Arca Gold Bugs Index fell 1.9 percent to its lowest closing level in well over two months.

The losses by gold stocks came amid a decrease by the price of the precious metal, as gold for August delivery slid $7.10 to $1,168.10 an ounce.

Tobacco stocks also saw significant weakness on the day, dragging the NYSE Arca Tobacco Index down by 1.9 percent. Altria (MO), Philip Morris (PM), and Reynolds American (RAI) turned in some of the tobacco sector's worst performances on the day.

Utilities, telecom, and commercial real estate stocks also moved notably lower on the day, although selling pressure was somewhat subdued.

Meanwhile, considerable strength was visible among oil service stocks, as reflected by the 1.7 percent gain posted by the Philadelphia Oil Service Index. The strength in the sector came as crude for July delivery jumped $1.13 to $59.13 a barrel.

Banking stocks also saw significant strength on the day, driving the Dow Jones Banks Index up by 1.6 percent to its best closing level in well over seven years. Trucking and brokerage stocks also posted notable gains.

The major averages finished the day on opposite sides of the unchanged line. The Nasdaq crept up 9.33 points or 0.2 percent to 5,068.46, while the Dow fell 56.12 points or 0.3 percent to 17,849.46 and the S&P 500 slipped 3.01 points or 0.1 percent to 2,092.83.

Despite the mixed performance on the day, the major averages all moved lower for the week. While the Nasdaq edged down by less than a tenth of a percent, the Dow and the S&P 500 fell by 0.9 percent and 0.7 percent, respectively.