WASHINGTON (dpa-AFX) - Stocks showed a lack of direction over the course of the trading day on Friday after failing to sustain an initial upward move. Despite the choppy trading, the Dow once again managed to end the session at a new record closing high.
Many of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Gold stocks showed a substantial move to the downside, however, with the NYSE Arca Gold Bugs Index tumbling by 1.7 percent. The drop extended a recent downtrend by the index, which fell to a three-month closing low.
The continued weakness among gold stocks came amid a decrease by the price of the precious metal, with gold for December delivery sliding $10.30 to an eight-month closing low of $1,216.60 an ounce.
Significant weakness was also visible among steel stocks, as reflected by the 1.5 percent loss posted by the NYSE Arca Steel Index. Cliffs Natural Resources (CLF) and Mechel (MTL) posted steep losses.
Computer hardware, semiconductor and networking stocks also saw notable weakness, contributing to the pullback by the tech-heavy Nasdaq.
On the other hand, tobacco and utilities stocks moved to the upside on the day, although buying interest was relatively subdued.
The major averages turned in a mixed performance on the day. While the Dow crept up 13.75 points or 0.1 percent to 17,279.74, the Nasdaq dipped 13.64 points or 0.3 percent to 4,579.79 and the S&P 500 edged down 0.96 points or 0.1 percent to 2,010.40.
However, the major averages all moved higher for the week. The Nasdaq rose by 0.3 percent, while the S&P 500 surged up by 1.3 percent and the Dow jumped by 1.7 percent.
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