Stocks are showing a lack of direction in morning trading on Friday after closing higher for six consecutive sessions. The major averages have spent the morning bouncing back and forth across the unchanged line.
Currently, the major averages are roughly flat, showing modest of less than a tenth of a percent each. The Dow is down 8.99 points at 21,073.96, while the Nasdaq is up 2.77 points at 6,208.03 and the S&P 500 is up 0.53 points at 2,415.60.
The choppy trading on Wall Street comes as traders express some uncertainty about the near-term outlook for the markets following recent volatility.
While the sell-off seen last Wednesday dragged the major averages down to their lowest levels in nearly a month, the recent winning streak has lifted the Nasdaq and the S&P 500 to record highs.
Some traders may also already be away from their desks, looking to get a head start on the long Memorial Day weekend.
On the U.S. economic front, the Commerce Department released a report showing that the economy grew by much more than initially estimated in the first three months of the year.
The Commerce Department said gross domestic product climbed by 1.2 percent in the first quarter compared to the previously reported 0.7 percent increase.
Economists had been expecting a more modest upward revision to the pace of GDP growth to approximately 0.9 percent.
ING Senior Economist James Knightley noted the upwardly revised first quarter GDP growth is still poor relative to the majority of other developed markets.
A separate Commerce Department report showed that new orders for manufactured durable goods pulled back by less than expected in the month of April.
The report said durable goods orders slid by 0.7 percent in April after jumping by an upwardly revised 2.3 percent in March. Economists had expected orders to slump by 1.4 percent.
Excluding a drop in orders for transportation equipment, durable goods orders still fell by 0.4 percent in April after climbing by 0.8 percent in March….