After showing a lack of direction earlier in the session, stocks have moved significantly lower over the course of the trading day on Wednesday. The major averages have moved more firmly into negative territory, with the tech-heavy Nasdaq showing a particularly steep decline.
Once again, a notable increase by the price of oil is contributing to the weakness in the markets, with oil-sensitive airline stocks turning in some of the market's worst performances. Steel, gold, and housing stocks are also under considerable selling pressure.
The major averages have moved roughly sideways in recent trading, lingering well below the unchanged line. The Dow is currently down 47.80 at 11,334.46, the Nasdaq is down 24.57 at 2,280.40 and the S&P 500 is down 5.87 at 1,279.04.
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