After moving to the downside in early trading on Monday, stocks continue to see modest weakness in the mid-afternoon. The major averages did not see much follow-through on their initial downward move but have remained stuck in the red.
Profit taking contributed to the early downward move, with traders cashing in on the recent strength in the markets. The major averages have pulled back off their three-month highs set last Friday, but selling pressure has remained subdued.
Most of the major sectors are showing only modest moves, although housing stocks have come under pressure on the heels of disappointing earnings news from home improvement retailer Lowe's (LOW).
Reflecting the weakness in the housing sector, the Philadelphia Housing Sector Index has fallen by 1.9 percent, pulling back off last Friday's nearly four-year closing high.
Networking, semiconductor, and software stocks are also posting notable losses on the day, while significant strength has emerged among airline stocks.
The major averages are currently posting modest losses, well off their early lows. The Dow is down 17.22 points or 0.1 percent at 13,257.98, the Nasdaq is down 8.44 points or 0.3 percent at 3,068.15 and the S&P 500 is down 2.52 points or 0.2 percent at 1,415.64.
by RTT Staff Writer
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