TMCnet News
Major Averages Turning In Mixed Performance In Mid-Day Trading(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - After coming under pressure early in the session, stocks have regained some ground over the course of the trading day on Friday. The major averages have climbed off their lows for the session, although the tech-heavy Nasdaq remains firmly in the red. Despite the rebound by the broader markets, semiconductor stocks continue to see substantial weakness, resulting in a 5.3% drop by the Philadelphia Semiconductor Index. The index hit a seven-month intraday low earlier in the session but has regained some ground since then. Microchip Technology (MCHP) has helped to lead the semiconductor sector lower, with the chip maker plunging by 11.4% after warning of weaker than previously estimated second quarter sales. Considerable weakness also remains visible among networking stocks, as reflected by the 3.3% loss being posted by the NYSE Arca Networking Index. Juniper Networks (JNPR) is posting a standout loss after providing disappointing third quarter guidance. Railroad stocks have also shown a significant move to the downside on the day, dragging the Dow Jones Railroads Index down by 1.6%. Trinity Industries (TRN) and Canadian Pacific (CP) are turning in two of the sector's worst performances. Telecom, internet, electronic storage and oil service stocks also continue to see notable weakness, although selling pressure has waned from earlier in the session. Currently, the major averages are turning in a mixed performance. While the Dow is up 37.92 points or 0.2% at 16,697.17, the Nasdaq is down 34.51 points or 0.8% at 4,343.83 and the S&P 500 is down 0.42 points or less than a tenth of a % at 1,927.79. Copyright RTT News/dpa-AFX |