Stocks continue to turn in a mixed performance in mid-day trading on Monday following an initial move to the upside. Despite the choppy trading, the Dow has risen to a new record intraday high.
Currently, the major averages remain on opposite sides of the unchanged line. While the Nasdaq is down 15.08 points or 0.2 percent at 6,359.60, the Dow is up 79.53 points or 0.4 percent at 21,909.84 and the S&P 500 is up 0.51 points or less than a tenth of a percent at 2,472.61.
The Dow is benefiting from a continued advance by shares of Boeing (BA), with the aerospace giant jumping by 1.4 percent.
The continued rally by Boeing comes after the company said it expects India to order up to 2,100 new aircraft worth $290 billion over the next 20 years.
Nonetheless, overall trading activity has remained somewhat subdued as traders look ahead to the release of the closely watched monthly jobs report on Friday.
On the U.S. economic front, the National Association of Realtors released a report showing pending home sales rebounded by more than expected in the month of June.
NAR said its pending home sales index jumped by 1.5 percent to 110.2 in June after falling to 108.6 in May. Economists had expected pending home sales to climb by 1.0 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
A separate report from MNI Indicators showed growth in Chicago-area business activity slowed by more than anticipated in the month of July.
MNI Indicators said its Chicago business barometer tumbled to 58.9 in July from 65.7 in June. While a reading above 50 still indicates growth, economists had expected the index to drop to 61.0.
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Energy stocks are seeing considerable weakness, however, with a drop by the price of crude oil weighing on the sector. Crude oil for September delivery is slipping $0.29 to $49.42 a barrel.
Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index is down by 1.7 percent and the Philadelphia Oil Service Index is down by 1.5 percent.
Tobacco, airline, and internet stocks are also seeing notable weakness, while significant strength is visible among steel stocks.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225…