News Column

Major Averages Posting Modest Losses In Early Trading

May 28, 2014

WASHINGTON (Alliance News) - After trending higher over the past several sessions, stocks have moved modestly lower in early trading on Wednesday. The major averages have slid into negative territory, although selling pressure has remained somewhat subdued.

Profit taking is likely contributing to the early weakness on Wall Street following the recent gains, with the S&P 500 pulling back off the new record closing high set on Tuesday.

The recent gains also lifted the Dow back toward the record highs set earlier this month, while the tech-heavy Nasdaq ended the previous session at its best closing level in almost two months.

Nonetheless, a lack of major US economic data seems to be keeping some traders on the sidelines, limiting the downside for the markets.

Most of the major sectors are showing only modest moves, although some weakness is visible among commercial real estate, oil service, and steel stocks.

The major averages have climbed off their lows for the young session in the past few minutes but remain in the red. The Dow is down 33.43 points or 0.2% at 16,642.07, the Nasdaq is down 11.19 points or 0.3% at 4,225.88 and the S&P 500 is down 1.48 points or 0.1% at 1,910.43.

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Source: Alliance News

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