Major Averages Remain Mixed In Mid-Day Trading

(RTTNews) - Stocks have fluctuated over the course of the trading day on Monday after failing to sustain an initial upward move. The major averages have spent much of the day bouncing back and forth across the unchanged line.

Most of the major sectors are showing only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.

Gold stocks are seeing considerable weakness on the day, however, with the NYSE Arca Gold Bugs Index falling by 1.5 percent.

The weakness in the gold sector comes amid a notable decrease by the price of the precious metal, as gold for December delivery is sliding $14.40 to $1,273 an ounce.

Meanwhile, defense stocks have shown a strong move to the upside, driving the Philadelphia Defense Sector Index up by 1.2 percent. A strong gain by Embraer (ERJ) has helped lift the index to a record intraday high.

Notable strength is also visible among banking stocks, as reflected by the 1.1 percent gain by the Dow Jones Banking Index. With the gain, the index has reached its best intraday level in over three months.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 2.17 points or 0.1 percent at 3,983.80, the Dow is up 49.73 points or 0.3 percent at 16,011.43 and the S&P 500 is up 1.14 points or 0.1 percent at 1,799.32.