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Stocks Seeing Considerable Volatility In Morning Trading - U.S. Commentary

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Following the sell-off seen in the previous session, stocks are seeing considerable volatility in morning trading on Tuesday. The major averages have been bouncing back and forth across the unchanged line.

Currently, the major averages are posting modest losses. The Dow is down 61.65 points or 0.3 percent at 24,284.10, the Nasdaq is down 9.68 points or 0.1 percent at 6,957.84 and the S&P 500 is down 2.13 points or 0.1 percent at 2,646.81.

The volatility on Wall Street comes as traders seem uncertain whether to pick up stocks at reduced levels or extend the recent correction.

Utilities stocks are turning in some of the market's worst performances, with the Dow Jones Utilities Average down by 2.5 percent.

The weakness in the interest rate-sensitive utilities sector may reflect concerns about the Federal Reserve raising rates more than previously anticipated.

Pharmaceutical, telecommunications and gold stocks are also seeing notable weakness, while some strength is visible among railroad stocks.

In overseas trading, stock markets across the Asia-Pacific region moved sharply lower during trading on Tuesday. Japan's Nikkei 225 Index plunged by 4.7 percent, while Hong Kong's Hang Seng Index plummeted by 5.1 percent.

The major European markets have also moved substantially lower on the day. While the French CAC 40 Index is down by 2.1 percent, the German DAX Index is down by 1.8 percent and the U.K.'s FTSE 100 Index is down by 1.6 percent.

In the bond market, treasuries have pulled back off their best levels of the day but continue to see strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.6 basis points at 2.758 percent.

by RTTNews Staff Writer

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