Lower in choppy trade

Small-cap stocks climbed back from a morning slide, and made a secondary run at positive territory before gravitating slightly lower at mid-session as a rally in energy and homebuilder stocks was offset by losses in financial and airline shares. At 1:01 p.m. ET, the Russell 2000 (NYSE:IWM) was down 1.40, or 0.24% at 504.63.

Looking at sector activity so far today, the top performers were coal, metal and mining stocks, office electronics, wireless telecoms, automobile manufacturers, casinos, oil exploration, oil production, oil refiners, homebuilders and gas utilities. On the downside, real estate services, diversified banks, airlines, gold, satellite firms and regional banks were among the worst performers.

Crude oil prices rose to a three-week high earlier today and even though prices edged off that intraday peak the market retained a bid as Israeli forces continued the assault on the Gaza Strip and amid a dispute between Russia and Ukraine on gas supplies. Energy stocks were a primary upside force today for equities, with the Energy Select Sector SPDR Fund up 2.1% at midday.

Even though several commodity groups (like coal and mining shares) were doing well today, commodities in general were basically flat, with the Commodity Research Bureau Index up just 0.17%. Some pressure on commodities was likely stirred by a rally in the dollar, which was up a whopping 2.4% versus the euro. Many commodity markets are priced in dollar terms, so a rise in the greenback can stunt demand for physical goods. One market apparently feeling that pinch was gold, which slumped 3% and pulled down gold stocks.

Homebuilder stocks were making a solid upside push today, likely supported by news ...

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