Key Indices Showing Little Change in Afternoon Trade
28-Jan-13 13:30 ET
[BRIEFING.COM] After slipping off their respective highs, the key indices have returned to the middle of their range. The mixed sentiment persists as the major averages have yet to stage a meaningful directional move.
Technology stocks are today's bright spot and Apple (AAPL 446.44, +6.56) is adding 1.5% after losing nearly 13.0% over the course of last week.
On the downside, steel producers are trading lower across the board after Goldman Sachs issued a downgrade of the U.S. steel space. The Market Vectors Steel ETF (SLX 48.37, -0.59), which tracks the performance of steelmakers, is down 1.2%.
The discretionary space is also exerting downward pressure on the markets after December pending home sales declined by 4.3%, which was worse than the unchanged reading forecast by the Briefing.com consensus. The disappointing report caused major homebuilders to slip to their session lows. Lennar (LEN 41.84, -1.23) and Toll Brother (TOL 37.19, -0.79) are down 2.9% and 2.1% respectively.