After initially showing a lack of direction, stocks continue to experience choppy trading Wednesday afternoon. The lackluster performance comes on the heels of the notable strength that was seen in the previous session.
Currently, the major averages continue to turn in a mixed performance. While the Nasdaq is up 7.00 points or 0.1 percent at 5,882.14, the Dow is down 62.45 points or 0.3 percent at 20,639.05 and the S&P 500 is down 1.03 points or less than 0.1 percent at 2,357.54.
The choppy trading on Wall Street comes as traders seem reluctant to make any significant moves amid continued uncertainty about President Donald Trump’s policy agenda following the failure of the Republican health care bill.
Developments in the U.K. are also in focus after the British government sent a notification letter to European Council President Donald Tusk formally beginning the country’s exit from the European Union.
The move to trigger the Article 50 process to leave the EU comes after Britons voted last June in favor of the so-called Brexit.
“This is an historic moment, from which there can be no turning back. Britain is leaving the European Union,” said British Prime Minister Theresa May. “We are going to make our own decisions and our own laws. We are going to take control of the things that matter most to us.”
“And we are going to take this opportunity to build a stronger, fairer Britain — a country that our children and grandchildren are proud to call home,” she added. “That is our ambition and our opportunity, and that is what this government is determined to do.”
On the U.S. economic front, the National Association of Realtors released a report showing that pending sales rebounded by much more than expected in the month of February.
NAR said its pending home sales index spiked by 5.5 percent to 112.3 in February from 106.4 in January. Economists had expected pending home sales to jump by 2.4 percent.
A pending home sale is one in which a contract was signed but not yet…