Stocks remain mostly negative in mid-afternoon trading on Monday, although selling pressure has waned from earlier in the session. The major averages remain stuck firmly in negative territory, partly offsetting last week's gains.
The weakness on Wall Street is partly due to negative sentiment generated by news that the World Bank cut its growth outlook for the East Asia region.
Traders are also keeping an eye on developments in Europe, where European finance ministers are holding a meeting to discuss the region's debt crisis.
Housing stocks have moved notably lower over the course of the trading day, dragging the Philadelphia Housing Sector Index down by 1.6 percent. PulteGroup (PHM) and KB Home (KBH) are turning in two of the sector's worst performances.
Significant weakness is also visible among semiconductor stocks, as reflected by the 1.2 percent loss being posted by the Philadelphia Semiconductor Index. Power Integrations (POWI) and STMicroelectronics (STM) are posting notable losses.
Biotechnology, gold, and telecom stocks have also come under pressure on the day, moving to the downside along with most of the other major sectors.
The major averages have been more or less rangebound recently, with the tech-heavy Nasdaq underperforming its counterparts. While the Nasdaq is down 24.59 points or 0.8 percent at 3,111.60, the Dow is down 26.50 points or 0.2 percent at 13,583.65 and the S&P 500 is down 5.31 points or 0.4 percent at 1,455.62.
by RTT Staff Writer
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