Afternoon Malaise Continues As Stocks Remain In Range - Commentary
(RealTimeTraders.com) - The afternoon malaise in the markets continues as the major averages continue to trade in a range. Both the Dow and Nasdaq are still up on the day, though they are well off their highs.
A mid-day attempt at a rally failed to excite traders and stocks have been moving generally sideways since 12:30 pm. Dow +19.79, Nasdaq +10.72, S&P 500 +1.21. NYSE Adv/Dec 2016/1175, Nasdaq Adv/Dec 1926/1205.
General Electric (GE) and United Technologies (UTX) are leading the markets higher, with these stocks getting a boost mid-day by better-than-expected Philly Fed data. On Wednesday, GE and United Tech were among the Dow's laggards, with GE revealing disappointing short cycle data for July.
Disney (DIS) is the worst performer among the Dow components, moving down more than 2% on news that vice chairman Roy Disney has agreed to sell 40% of his stake in the company.
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