Apr. 3, 2009 (Investor's Business Daily) -- Indexes flickered into positive territory in threadbare trading. Safe havens like gold and Treasuries moved lower, while the dollar held gains vs. the euro and yen.
The Nasdaq composite pressed ahead 0.4%. The NYSE composite showed a 0.1% gain. The S&P 500 hovered at the break-even mark, and the Dow remained 0.2% in the red.
Research In Motion (RIMM), Dell (DELL) and Wynn Resorts (WYNN) led the Nasdaq 100.
International Game Technology (IGT), Principal Financial Group (PFG) and Dell (DELL) turned in some of the S&P 500's best gains.
Midcaps racked up some of the market's best moves, driving the S&P 400 0.5% higher. Oil & natural gas driller Helmerich & Payne (HP) ran near the head of that index with an 8% gain.
Volume continued at weak levels. Advancing stocks overtook decliners, leading 4-to-3 on the NYSE and trading neck-and-neck on the Nasdaq.
Gold mining stocks took heat for a second day. AngloGold Ashanti (AU) fell 7%, compounding Thursday's 10% loss that followed its reduced outlook for first-quarter gold production. Randgold Resources (GOLD) dropped 5%, Royal Gold (RGLD) tumbled 7%.
Gold prices were sliding, hovering around the $900-an-ounce mark.
Schnitzer Steel (SCHN) lopped off a 6% loss in strong trading after a downgrade to sell from neutral by UBS. The Portland, Ore., steel maker on Thursday reported a Q1 loss of 25 cents per share, far below expectations for a nickel gain. Sales fell 42% but still topped analyst views. Share prices spiked 14% Thursday. Shares remain deep in an eight-month correction.
12:15 p.m. Update: Indexes Trim Losses; Dollar Rebounds
BY ALAN R. ELLIOTT
Indexes came off lows as trading whispered along at light levels.
The Nasdaq erased earlier losses, buoyed largely by Research In Motion's (RIMM) gap-up. The NYSE composite and Dow each eased 0.4%. The S&P 500 showed a 0.3% decline.
The Dow Utilities rose 0.7% as FPL Group (FPL) grabbed a 3% gain in strong trading.
Volume was down more than 30% on the NYSE and 25% on the Nasdaq vs. Thursday's action at this time. Declining issues led by a 4-to-3 ratio on the NYSE and by a slim margin on the Nasdaq.
Crude futures were off about $1.50, holding just above $51 a barrel. Gold slumped more than $7 to just above $900 an ounce. The dollar gained against both the euro and the yen, topping the 100-yen mark for the first time since November.
Visa( V) and MasterCard (MA) both grabbed gains, rising 6% and 4%. Visa's trading was particularly heavy.
