After showing an early move to the upside, stocks have given back ground over the course of the trading session on Wednesday. The major averages pulled back off their highs of the session, with the tech-heavy Nasdaq slipping into negative territory.

Currently, the major averages are turning in a mixed performance. While the Nasdaq is down 6.75 points or less than a tenth of a percent at 16,308.95, the S&P 500 is up 14.60 points or 0.3 percent at 5,218.18 and the Dow is up 237.09 points or 0.6 percent at 39,519.42.

The early strength on Wall Street came as traders once again looked to pick up stocks at somewhat reduced levels after early buying interest faded over the course of Tuesday’s session.

The major averages spent much of yesterday’s session in positive territory before coming under pressure in the final hour of trading, with the Dow and the S&P 500 closing lower for the third straight day.

Buying interest has once again waned as the day has progressed, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

Traders may also be reluctant to make significant moves ahead of the release of reports on weekly jobless claims, Chicago business activity and pending home sales on Thursday.

A report on personal income and spending that includes readings on inflation said to be preferred by the Federal Reserve is also due to be released while the markets are closed on Good Friday.

The holiday will also see Fed Chair Jerome Powell participate in a moderated discussion before the Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference.

Sector News

Gold stocks have moved sharply higher on the day, resulting in 2.5 percent surge by the NYSE Arca Gold Bugs Index. The index is on pace to end the session at its best closing level in almost three months.

The rally by gold stocks comes amid an increase by the price of the precious metal, with gold for June delivery climbing $15.40 to $2,214.60 an ounce.

Interest rate-sensitive utilities and commercial real estate stocks are also seeing considerable strength, driving the Dow Jones Utility Average and the Dow Jones U.S. Real Estate Index up by 1.7 percent and 1.6 percent, respectively.

Tobacco, steel and airline stocks have also shown notable moves to the upside, while computer hardware stocks have come under pressure.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan’s Nikkei 225 Index jumped by 0.9 percent, while China’s Shanghai Composite Index and Hong Kong’s Hang Seng Index slumped by 1.3 percent and 1.4 percent, respectively.

The major European markets have also turned mixed on the day. While the U.K.’s FTSE 100 Index is down by 0.1 percent, the French CAC 40 Index is up by 0.4 percent and the German DAX Index is up by 0.6 percent.

In the bond market, treasuries are extending the modest upward move seen over the course of the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.8 basis points at 4.206 percent.