Stocks showed a notable downturn over the course of the trading day on Wednesday after failing to sustain an initial upward move. With the pullback on the day, the Dow dipped back below the psychologically-important 15,000 level.
Commercial real estate stocks showed a significant move to the downside over the course of the trading session, dragging the NYSE Arca REIT Index down by 1.5 percent.
With the drop, the REIT Index extended the sharp downward seen in recent weeks, hitting its lowest closing level in almost five months.
Considerable weakness also emerged among semiconductor stocks, as reflected by the 1.1 percent loss posted by the Philadelphia Semiconductor Index. Rubicon Technology (RBCN) and Xilinx (XLNX) posted notable losses.
Biotechnology, banking, and trucking stocks also came under pressure on the day, moving to the downside along with most of the other major sectors.
The major averages moved roughly sideways going into the close, lingering near their worst levels of the day. The Dow dropped 126.79 points or 0.8 percent to 14,995.23, the Nasdaq tumbled 36.52 points or 1.1 percent to 3,400.43 and the S&P 500 fell 13.61 points or 0.8 percent to 1,612.52.
For comments and feedback: editorial@rttnews.com