U.S. Stocks Close Little Changed For Second Straight Day

(RTTNews) - Stocks showed a lack of direction over the course of the trading day on Wednesday, extending the lackluster performance seen in the previous session. The major averages once again spent the day bouncing back and forth across the unchanged line.

The major averages eventually closed mixed for the second straight day. While the Nasdaq inched up 19.03 points or 0.1 percent to 22,716.13, the S&P 500 edged down 5.68 points or 0.1 percent to 6,775.80 and the Dow slid 289.24 points or 0.6 percent to 47,417.27.

The choppy trading on Wall Street came as traders seemed to be taking a breather following the significant volatility seen over the past several sessions.

The recent volatility has largely been driven by big swings by the price of crude oil, which is rebounding today after plummeting on Tuesday.

Crude oil is regaining ground after the United Kingdom Maritime Trade Operations said it has received reports of three vessels being struck by projectiles off Iran's coast, adding to worries about transit through the Strait of Hormuz.

Reports that Iran is seeking to mine the Strait of Hormuz has also added to concerns about shipping through the vital waterway.

Meanwhile, traders have largely shrugged off a report from the Labor Department showing consumer prices in the U.S. increased in line with economist estimates in the month of February.

The Labor Department said its consumer price index climbed by 0.3 percent in February after rising by 0.2 percent in January. The growth matched expectations.

Excluding food and energy prices, core consumer prices rose by 0.2 percent in February after increasing by 0.3 percent in January, which was also in line with estimates.

The report also said the annual rates of growth by both consumer prices and core consumer prices were unchanged from the previous month at 2.4 percent and 2.5 percent, respectively.

Sector News

Most of the major sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets.

Oil producer stocks have moved sharply higher along with the price of crude oil, however, with the NYSE Arca Oil Index surging by 3.5 percent.

Computer hardware stocks also saw considerable strength, resulting in a 1.5 percent gain by the NYSE Arca Computer Hardware Index.

On the other hand, gold stocks tumbled along with the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 2.3 percent.

Housing stocks also showed a significant move to the downside amid a jump by treasury yields, with the Philadelphia Housing Sector Index falling by 1.6 percent.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index jumped by 1.4 percent, while China's Shanghai Composite Index rose by 0.3 percent.

Meanwhile, the major European markets moved to the downside on the day. While the German DAX Index tumbled by 1.4 percent, the U.K.'s FTSE 100 Index fell by 0.6 percent and the French CAC 40 Index dipped percent.

In the bond market, treasuries moved notably lower after closing roughly flat for two straight days. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 7.2 basis points to a one-month closing high of 4.208 percent.