Major Averages Showing Modest Moves In Early Trading

(RTTNews) - Stocks are turning in a lackluster performance in early trading on Wednesday, as traders seem reluctant to make any significant moves. The major averages have been bouncing back and forth across the unchanged line after ending the previous session firmly positive.

The choppy trading on Wall Street comes as traders are digesting a mixed batch of U.S. economic data while looking ahead to the release of the closely watched monthly jobs report on Friday.

Before the start of trading, payroll processor ADP released a report showing that private sector job growth fell short of economist estimates in November.

ADP said private sector employment rose by 208,000 jobs in November, while economists had been expecting an increase of about 225,000 jobs.

Meanwhile, the Institute for Supply Management recently released a report showing much faster than expected growth in U.S. service sector activity.

The ISM said its non-manufacturing index jumped to 59.3 in November from 57.1 in October, with a reading above 50 indicating growth in the service sector. Economists had expected the index to inch up to 57.5.

While most of the major sectors are showing only modest moves, gold stocks are seeing substantial strength on the day. The NYSE Arca Gold Bugs Index has surged up by 3.3 percent, with an increase by the price of gold contributing to the strength in the sector.

Oil service, steel, and natural gas stocks are also seeing early strength, while some weakness is visible among biotech and software stocks.

Currently, the major averages are posting modest gains. The Dow is up 10.79 points or 0.1 percent at 17,890.34, the Nasdaq is up 2.38 points or 0.1 percent at 4,758.19 and the S&P 500 is up 4.61 points or 0.2 percent at 2,071.16.