Shows have shown a notable recovery attempt over the course of afternoon trading on Thursday after moving sharply lower earlier in the session. The major averages have bounced well off their worst levels of the day, with the Dow climbing into positive territory.
Lingering concerns about the economic outlook contributed to the early weakness on Wall Street, with stocks extending the downward move seen in the days since last Friday's disappointing jobs report.
The downward momentum eventually waned, however, as some analysts suggested the recent pullback has been overdone. Traders subsequently looked to pick up stocks at reduced levels.
Despite the subsequent rebound by the broader markets, significant weakness remains visible among steel stocks. The NYSE Arca Steel Index is down by 2 percent, although it has climbed well off its worst levels of the day.
Computer hardware, brokerage, and gold stocks also continue to see notable weakness, with gold stocks stuck in the red along with the price of the precious metal.
Meanwhile, housing stocks have shown a strong move to the upside over the course of the trading day, driving the Philadelphia Housing Sector Index up by 1.6 percent. Biotech, real estate, and pharmaceutical stocks are also seeing moderate strength.
The major averages are currently turning in a mixed performance, with the Dow clinging to a slim gain. The Dow is up 1.21 points or less than a tenth of a percent at 12,605.74, while the Nasdaq is down 19.92 points or 0.7 percent at 2,868.06 and the S&P 500 is down 4.45 points or 0.3 percent at 1,337.00.
by RTT Staff Writer
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