WASHINGTON (dpa-AFX) - After ending the previous session on opposite sides of the unchanged line, the major U.S. stock indexes are turning in another performance during trading on Wednesday.
While the major averages all moved to the upside at the start of trading, the Nasdaq and the S&P 500 have subsequently pulled back into negative territory.
Currently, the Nasdaq is down 143.83 points or 0.6 percent at 23,324.47 and the S&P 500 is down 8.50 points or 0.1 percent at 6,838.11, but the Dow is up 316.66 points or 0.7 percent at 48,244.62.
The Dow has advanced to a new record intraday high amid strong gains by UnitedHealth (UNH), Goldman Sachs (GS) and IBM Corp. (IBM).
Meanwhile, the pullback by the tech-heavy Nasdaq may reflect lingering valuation concerns despite a surge by shares of Advanced Micro Devices.
AMD is jumping by 8.0 percent after CEO Lisa Su predicted the chipmaker's annual revenue growth will average more than 35 percent over the next three to five years.
Su also said that AMD could be able to achieve 'double-digit' share in the data center AI chip market that is currently dominated by Nvidia (NVDA).
Meanwhile, traders are also keeping an eye on developments in Washington, where the House of Representatives is preparing to vote on a bill ending the longest government shutdown in U.S. history.
After the Senate voted Monday to approve the bill extending funding for most agencies until January 30th, the House is set to vote on the legislation later this evening.
Sector News
Oil service stocks have moved sharply lower along with the price of crude oil, with the Philadelphia Oil Service Index tumbling by 1.8 percent after ending the previous session at its best closing level in almost nine months.
Significant weakness has also emerged among software stocks, as reflected by the 1.3 percent loss being posted by the Dow Jones U.S. Software Index.
On the other hand, gold stocks have shown a substantial move to the upside, driving the NYSE Arca Gold Bugs Index up by 3.8 percent. The rally by gold stocks comes amid a notable increase by the price of the precious metal.
Airline, banking and semiconductor stocks are also seeing considerable strength, helping offset the weakness in the aforementioned sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index rose by 0.4 percent, while China's Shanghai Composite Index edged down by 0.1 percent.
Meanwhile, European stocks have moved mostly higher on the day. While the U.K.'s FTSE 100 Index is up by 0.2 percent, the German DAX Index is up by 1.2 percent and the French CAC 40 Index is up by 1.3 percent.
In the bond market, treasuries have moved to the upside following the Veterans Day holiday on Tuesday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.1 basis points at 4.069 percent.
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