Stocks Showing A Lack Of Direction In Late Morning Trading - U.S. Commentary

(RTTNews) - Stocks are showing a lack of direction in late morning trading on Wednesday, as investors listen intently to the second day of testimony by Federal Reserve Chairman Ben Bernanke. As Bernanke gets peppered with questions, investors worry that the proposed bailout plan will not come in a timely manner.

Real estate stocks are turning in some of the worst performances following a report that showed existing home sales fell by more than expected. The Morgan Stanley REIT Index is down 1.2 percent. Utility, health insurance and airline stocks are also showing weakness.

On the other hand, semiconductor stocks are trading on the upside, contributing to the strength seen in the tech heavy Nasdaq. The Philadelphia Semiconductor Index is up 1.6 percent. Brokerage, gold and oil service stocks are seeing buying interest as well.

The major averages have continued to trade mixed in the past few minutes, with only the Dow remaining in negative territory. While the Dow is currently down 8.21 at 10,845.96, the Nasdaq is up 13.18 at 2,166.51 and the S&P 500 is up 0.69 at 1,188.91.

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Posted in Categories: Economy, Releases, USA.

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