After failing to sustain an early upward move, stocks have turned lower over the course of the trading day on Tuesday. The major averages have pulled back well off their highs for the session, sliding into negative territory.
While optimism about the financial situation in Europe contributed to the early strength on Wall Street, buying interest waned not long after the open amid concerns that the markets have become overbought following recent strength.
Some traders subsequently took the opportunity to cash in on the early gains, contributing to the pullback by the broader markets.
Computer hardware stocks have shown a notable move to the downside, dragging the NYSE Arca Computer Hardware Index down by 1.2 percent. Seagate Technology (STX) and Logitech (LOGI) are turning in two of the sector's worst performances.
Telecom, internet, and tobacco stocks have also come under pressure, while gold stocks are holding on to strong gains amid an increase by the price of the precious metal. Most of the major sectors are showing only modest moves on the day.
The major averages have edged up off their lows for the session in the past few minutes but remain in the red. The Dow is down 27.98 points or 0.2 percent at 13,243.66, the Nasdaq is down 9.32 points or 0.3 percent at 3,066.89 and the S&P 500 is down 1.47 points or 0.1 percent at 1,416.66.
by RTT Staff Writer
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