Major Averages Turn Mixed In Early Trading

(RTTNews) - While stocks moved higher at the start of trading on Friday, buying interest waned not long after the open. The major averages have subsequently pulled back off their highs for the young session, with the Nasdaq sliding into negative territory.

The choppy trading on Wall Street comes as traders continue to weigh yesterday's upbeat economic data against worries about the outlook for monetary policy.

The data released on Wednesday provided some signs that the economy is poised to break out of the winter doldrums, reinforcing the view that the weather-related slowdown was only temporary.

At the same time, concerns that the Fed may begin raising interest rate sooner than previously anticipated continue to weigh on the markets.

Most of the major sectors are showing only modest moves, although considerable strength is visible among utilities stocks. Reflecting the strength in the sector, the Dow Jones Utilities Average has advanced by 1.2 percent.

Oil service and steel stocks are also moving to the upside in early trading, while significant weakness has emerged among biotechnology stocks.

The major averages are currently turning in a mixed performance, with the Nasdaq in the red. The Nasdaq is down 14.54 points or 0.3 percent at 4,304.74, the Dow is up 64.39 points or 0.4 percent at 16,395.44 and the S&P 500 is up 6.39 points or 0.3 percent at 1,878.40.