WASHINGTON (dpa-AFX) - After moving to the upside at the open, stocks have fluctuated over the course of early trading on Thursday. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves.
The initial strength on Wall Street was partly in reaction to better than expected quarterly results from tech giant Apple (AAPL), which also increased its stock repurchase authorization, raised its dividend and announced a 7-for-1 stock split.
Early buying interest was also generated by a report from the Commerce Department showing a bigger than expected increase in durable goods orders in the month of March.
However, traders seemed reluctant to continue pushing stocks higher amid renewed concerns about escalating tensions in eastern Ukraine amid reports that Ukrainian forces killed several pro-Russian militants during an anti-terrorism operation.
Russian President Vladimir Putin described the interim Ukrainian government's use of the army against its own people as a 'serious crime' and warned of 'consequences.'
Most of the major sectors are showing only modest moves, although considerable weakness is visible among telecom stocks. The NYSE Arca Telecom Index has fallen by 3 percent, with Verizon (VZ) leading the way lower after missing first quarter earnings estimates.
Electronic storage, oil service, and biotechnology stocks are also seeing early weakness, while some strength is visible among housing and natural gas stocks.
Currently, the major averages are turning in a mixed performance, with the Dow posting a modest loss. While the Dow is down 10.37 points or 0.1 percent at 16,491.28, the Nasdaq is up 8.38 points or 0.2 percent at 4,135.35 and the S&P 500 is up 1.42 points or 0.1 percent at 1,876.81.
Copyright RTT News/dpa-AFX