2/10/2012 11:03 AM ET
(RTTNews) - After moving sharply lower in early trading on Friday, stocks continue to see considerable weakness in the late morning. The major averages remain stuck firmly in negative territory, offsetting the modest gains posted in the three previous sessions.
The weakness on Wall Street reflects renewed concerns about the global economic outlook, with traders reacting to disappointing Chinese economic data as well as news that Greece continues to struggle to reach an austerity agreement that is acceptable to the other eurozone countries.
Steel stocks are turning in some of the market's worst performances amid concerns about the outlook for global demand. The losses by steel stocks have dragged the NYSE Arca Steel Index down by 2.5 percent, with the index pulling back further off the six-month closing high it set last Friday.
Considerable weakness is also visible among gold stocks, which are moving lower along with the price of the precious metal. With gold for April delivery tumbling $21.60 to $1,719.60 an ounce, the NYSE Arca Gold Bugs Index is down by 1.4 percent.
Semiconductor, housing, and chemical stocks are also posting steep losses, moving to the downside along with most of the major sectors.
The major averages have climbed off their worst levels of the day in recent trading but remain stuck in the red. The Dow is down 117.27 points or 0.9 percent at 12,773.19, the Nasdaq is down 21.86 points or 0.8 percent at 2,905.37 and the S&P 500 is down 11.12 points or 0.8 percent at 1,340.83.
by RTT Staff Writer
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