After moving mostly lower over the course of morning trading on Monday, stocks have regained some ground in the afternoon. The major averages have climbed well off their worst levels of the day but remain in negative territory.
The pullback seen earlier in the session came as traders cashed in on some of the recent strength in the markets, which drove the major averages to three-month closing highs last Friday.
Disappointing Japanese economic data also contributed to the weakness on Wall Street, as a report showed weaker than expected economic growth in Japan in the second quarter.
While selling pressure has waned since then, steel stocks continue to see significant weakness in mid-afternoon trading. The NYSE Arca Steel Index is down by 1.7 percent after ending the previous session at a nearly three-month closing high.
Gold stocks have also come under pressure on the day after moving higher in early trading. A downturn by the price of gold has contributed to the pullback by the sector.
Oil service, chemical, and semiconductor stocks also continue to post notable losses, while modest strength has emerged in the airline sector.
The major averages have moved toughly sideways in recent trading, stuck below the unchanged line. The Dow is down 65.50 points or 0.5 percent at 13,142.45, the Nasdaq is down 6.72 points or 0.2 percent at 3,014.14 and the S&P 500 is down 5.24 points or 0.4 percent at 1,400.63.
by RTT Staff Writer
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