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Major Averages Climb Well Off Worst Levels But Close In The Red

After falling sharply in early trading on Tuesday, stocks regained some ground over the course of the afternoon but still closed moderately lower. Uncertainty about the political situation in Europe continued to weigh on the markets.

Despite the recovery attempt by the broader markets, significant weakness remained visible among gold stocks. Reflecting the weakness in the gold sector, the NYSE Arca Gold Bugs Index dropped 3.4 percent to a two-year closing low.

The weakness among gold stocks came amid a sharp drop by the price of the precious metal, with gold for June delivery tumbling $34.60 to $1,604.50 an ounce.

Steel stocks also saw considerable weakness on the day amid concerns about the outlook for global demand. The NYSE Arca Steel Index fell by 1.9 percent to its lowest closing level in four months.

Electronic storage, housing, and brokerage stocks also posted notable losses, although most sectors ended the session well off their worst levels.

The major averages ended the session well off their worst levels but remained stuck in the red. The Dow fell 76.44 points or 0.6 percent to 12,932.09, the Nasdaq dropped 11.49 points or 0.4 percent to 2,946.27 and the S&P 500 slipped 5.86 points or 0.4 percent to 1,363.72.

by RTT Staff Writer

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