Major Averages Pull Back Off Highs But Remain Positive

(RTTNews) - Stocks remain mostly positive in mid-day trading on Wednesday, partly offsetting the weakness seen in the previous session. Buying interest has remained relatively subdued, however, limiting the upside for the markets.

Extending a recent upward trend, airline stocks are seeing considerable strength in mid-day trading. The NYSE Arca Airline Index has advanced by 1.3 percent, reaching its best intraday level in over twelve years.

Republic Airways (RJET) has helped to lead the airline sector higher, with the regional airline jumping by 3 percent.

Notable strength also remains visible among biotechnology stocks, as reflected by the 1.2 percent gain being posted by the NYSE Arca Biotechnology Index. Nektar Therapeutics (NKTR) and Pharmacyclics (PCYC) are posting standout gains.

Housing stocks are also turning in a strong performance on the heels of upbeat pending home sales data, while gold stocks are moving lower along with the price of the precious metal.

The major averages have recently pulled back off their highs for the session but remain in positive territory. The Dow is up 37.62 points or 0.2 percent at 18,020.69, the Nasdaq is up 19.78 points or 0.4 percent at 4,797.22 and the S&P 500 is up 2.60 points or 0.1 percent at 2,082.95.