WASHINGTON (dpa-AFX) - Stocks continue to show a lack of direction in mid-day trading on Wednesday, extending the lackluster performance seen in the previous session. The major averages continue to linger near the unchanged line after ending Tuesday's trading roughly flat.
Most of the major sectors are showing only modest moves on the day, contributing to the lack of direction being shown by the broader markets.
Airline stocks continue to see substantial weakness, however, with the NYSE Arca Airline Index plunging by 4/2 percent. With the drop, the index has fallen to a five-month intraday low.
The sell-off by airline stocks is partly due to concerns about lower fares and airline revenue after Southwest Airlines (LUV) said it is speeding up its planned growth.
Trucking and railroad stocks have also moved to the downside, reflecting weakness in the broader transportation sector. The Dow Jones Transportation Average is down by 1.7 percent after hitting its worst levels in almost seven months.
On the other hand, tobacco stocks have shown a strong move to the upside on the day, driving the NYSE Arca Tobacco Index up by 1.1 percent. Universal Corp. (UVV) is posting a standout gain after reporting its fourth quarter results.
Currently, the major averages are posting modest losses. The Dow is down 19.01 points or 0.1 percent at 18,293.38, the Nasdaq is down 2.81 points or 0.1 percent at 5,067.22 and the S&P 500 is down 2.41 points or 0.1 percent at 2,125.42.
Copyright RTT News/dpa-AFX