November 18, 2013- Stocks Show Lack of Direction Closing Lower After Early Gains

Stocks have fluctuated over the course of the trading day on Monday after failing to sustain an initial upward move. The major averages have spent much of the day bouncing back and forth across the unchanged line. Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 2.17 points or 0.1 percent at 3,983.80, the Dow is up 49.73 points or 0.3 percent at 16,011.43 and the S&P 500 is up 1.14 points or 0.1 percent at 1,799.32. While stocks initially benefited from the recent upward momentum for the markets, buying interest waned not long after the open. Traders seemed reluctant to continue buying stocks after the early gains lifted the Dow and the S&P 500 above key psychological levels at 16,000 and 1,800, respectively. Profit taking contributed to a subsequent pullback by the markets, but the selling pressure has also faded since then as traders take a breather.