After moving to the downside in early trading, stocks continue to see modest weakness in late morning trading on Monday. The major averages have climbed well off their lows for the session but remain stuck in negative territory.
The modest weakness on Wall Street comes as some traders cash in on the recent strength in the markets, with the Nasdaq giving back some ground after ending last Friday's trading at a twelve-year closing high. The S&P 500 is pulling back off its best closing level in over five years.
Traders are also keeping an eye on developments in Europe, where Eurogroup finance ministers are meeting in Brussels.
While most of the major sectors are showing only modest moves, gold stocks are under pressure amid a decrease by price of the precious metal. With gold for April delivery sliding $17.70 to $1,649.20 an ounce, the NYSE Arca Gold Bugs Index is down by 2.1 percent.
Health insurance and healthcare provider stocks are also moving lower following recent strength, with the Morgan Stanley Healthcare Payor Index and the Morgan Stanley Healthcare Provider Index both pulling back off record closing highs.
The major averages have climbed further off their lows in recent trading but remain in the red. The Dow is down 19.61 points or 0.1 percent at 13,973.36, the Nasdaq is down 3.00 points or 0.1 percent at 3,190.87 and the S&P 500 is down 0.52 points or less than a tenth of a percent at 1,517.41.
by RTT Staff Writer
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