(RTTNews) - Stocks have shown a lack of direction over the course of morning trading on Thursday, with the major averages once again having difficulty sustaining any significant moves after showing considerable uncertainty throughout the previous session.

Despite the choppy trading, oil service stocks are posting strong gains, benefiting from a notable increase by the price of oil. Crude for March delivery is currently up $2.45 at $37.07 a barrel after a report showed an unexpected decrease in crude oil inventories.

Telecom stocks are also performing well in late morning trading, with Sprint Nextel (S) leading the sector higher after reporting a smaller than expected fourth quarter loss and saying it expects that its total subscriber losses will improve in 2009.

While significant strength is also visible among steel, health insurance, and retail stocks, disappointing quarterly results from Hewlett-Packard (HPQ) are contributing to considerable weakness in the computer hardware and semiconductor sectors.

Banking stocks have also come under pressure over the course of the trading session, moving back to the downside after seeing some initial strength. Some railroad, trucking, and housing stocks are also posting notable losses.

The major averages are currently turning in a mixed performance, with the Nasdaq posting a modest loss. While the Nasdaq is currently down 1.77 at 1,466.20, the Dow is up 2.23 at 7,557.86 and the S&P 500 is up 2.56 at 790.98.

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Posted in Categories: Economy, Releases, USA.

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