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Major Averages Climb Off Worst Levels But Still Close Firmly Negative

4/23/2012 4:27 PM ET

Stocks saw considerable weakness during trading on Monday but ended the session well off their worst levels of the day. Troubling news from overseas weighed on the markets in early trading, but selling pressure waned as they day progressed.

While significant weakness was visible in a variety of sectors, gold stocks turned in some of the market's worst performances on the day. Reflecting the weakness in the gold sector, the NYSE Arca Gold Bugs Index fell by 2.4 percent to a nearly two-year closing low.

The weakness among gold stocks came amid a decrease by the price of the precious metal, with gold for June delivery sliding $10.20 to $1,632.60 an ounce.

Steel stocks also posted steep losses amid concerns about the outlook for global demand following the disappointing data from overseas. The NYSE Arca Steel Index fell by 2.2 percent amid notable losses by L.B. Foster (FSTR), ArcelorMittal (MT), and Gibraltar Industries (ROCK).

Considerable weakness was also visible among housing stocks, as reflected by the 2.3 percent loss posted by the Philadelphia Housing Sector Index. Airline, networking, and retail stocks also saw significant weakness on the day.

The major averages climbed well off their lows for the session but still closed firmly in negative territory. The Dow closed down 102.09 points or 0.8 percent to 12,927.17, the Nasdaq fell 30.00 points or 1 percent to 2,970.45 and the S&P 500 dropped 11.59 points or 0.8 percent to 1,366.94.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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