Major Averages Turn Mixed After Moving Lower At The Open

(RTTNews) - After coming under pressure at the open, stocks have regained some ground in early trading on Thursday. The major averages have bounced well off their lows for the young session, with the Nasdaq climbing into positive territory.

The initial weakness on Wall Street was partly in reaction to disappointing U.S. economic data, including a report from the Commerce Department showing an unexpected drop in retail sales in January.

The report said retail sales fell by 0.4 percent in January following a revised 0.1 percent decrease in December. Economists had expected sales to come in unchanged compared to the 0.2 percent increase originally reported for the previous month.

A separate report from the Labor Department showed that initial jobless claims unexpectedly saw a modest increase in the week ended February 8th.

Selling pressure waned not long after the open, however, and stocks have subsequently climbed well off their worst levels.

Gold stocks have shown a substantial move to the upside in early trading after ending the previous session sharply lower. The NYSE Arca Gold Bugs Index has surged up by 2 percent, partly offsetting Wednesday's 2.8 percent drop.

Most of the other major sectors are showing only modest moves, contributing to another relatively lackluster performance by the broader markets.

Currently, the major averages are turning in a mixed performance, as the Nasdaq is posting a modest gain. While the Nasdaq is up 1.59 points or less than 0.1 percent at 4,202.87, the Dow is down 34.22 points or 0.2 percent at 15,929.72 and the S&P 500 is down 2.67 points or 0.2 percent at 1,816.59.