Major Averages Turning In Mixed Performance In Early Trading

(RTTNews) - With traders reacting to a sharp drop by the price of crude oil, stocks are turning in a mixed performance in early trading on Friday. The major averages have moved in opposite directions but are showing only modest changes.

The mixed performance on Wall Street comes as crude for January delivery is plunging $4.31 to $69.38 a barrel after hitting a four-year low of $67.75 a barrel.

The steep decline by the price of oil comes amid news that the powerful Organization of Petroleum Exporting Countries said it won't cut production levels despite the recent drop in prices.

Energy stocks are moving sharply lower amid the plunge in oil prices, with the Philadelphia Oil Service Index and the NYSE Arca Oil & Gas Index plummeting by 8.4 percent and 6.4 percent, respectively.

On the other hand, airline stocks are seeing substantial strength amid optimism about lower fuel prices. The NYSE Arca Airline Index has surged up by 4.6 percent to a twelve-year intraday high.

Trucking and retail stocks are also seeing some strength in early trading, although most of the major sectors are showing only modest moves.

Currently, the major averages remain mixed. While the S&P 500 is down 2.06 points or 0.1 percent at 2,070.77, the Dow is up 41.27 points or 0.2 percent at 17,869.02 and the S&P 500 is up 9.40 points or 0.2 percent at 4,796.72.