While selling pressure has waned from earlier in the session, stocks continue to see notable weakness in mid-afternoon trading on Monday. The major averages have climbed well off their worst levels of the day but remain firmly in negative territory.
The sell-off seen at the start of trading came as traders expressed renewed concerns about the financial situation in Europe amid indications that Spain could require a full bailout as well as continued worries about financing for Greece.
Despite the subsequent recovery attempt by the broader markets, significant weakness remains visible in a variety of sectors. Steel stocks continue to post particularly steep losses, with the NYSE Arca Steel Index down by 2.9 percent.
Healthcare provider stocks have also moved sharply lower on the day, dragging the Morgan Stanley Healthcare Payor Index down by 2.6 percent. Gold, biotechnology, networking, and oil stocks are also posting significant losses.
The major averages have moved roughly sideways in recent trading, stuck well below the unchanged line. The Dow is down 121.58 points or 1 percent at 12,700.99, the Nasdaq is down 37.84 points or 1.3 percent at 2,887.46 and the S&P 500 is down 14.03 points or 1 percent at 1,348.63.
by RTT Staff Writer
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