Stocks continue to see moderate weakness in mid-afternoon trading on Wednesday, although selling pressure remains subdued. While the major averages remain stuck in negative territory, the Nasdaq is posting only a very slim loss.
Troubling economic news from overseas has contributed to the weakness on Wall Street, with a report from Japan showing that the country swung to a trade deficit in July.
A negative reaction to quarterly results from Dell (DELL) has also weighed on the markets, with the PC giant falling by 6.3 percent.
With Dell leading the way lower, computer hardware stocks have come under considerable pressure on the day. Reflecting the weakness in the hardware sector, the NYSE Arca Computer Hardware Index is down by 1.3 percent, pulling back further off Monday's nearly three-month closing high.
Steel stocks have also moved sharply lower on the day, dragging the NYSE Arca Steel Index down by 1.5 percent. Telecom, tobacco, and airline stocks are also posting notable losses.
On the other hand, housing stocks have shown a strong move to the upside, driving the Philadelphia Housing Sector Index up by 1.4 percent. Toll Brothers (TOL) is posting a strong gain after reporting fiscal third quarter earnings and revenues that exceeded analyst estimates.
The major averages have moved roughly sideways in recent trading, lingering in the red. The Dow is down 66.54 points or 0.5 percent at 13,137.04, the Nasdaq is down 4.25 points or 0.1 percent at 3,063.01 and the S&P 500 is down 4.50 points or 0.3 percent at 1,408.67.
by RTT Staff Writer
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