News Column

Major Averages Remain Stuck In The Red In Mid-Day Trading

June 11, 2014

WASHINGTON (Alliance News) - With worries about the outlook for the global economy generating some negative sentiment, stocks are seeing modest weakness in mid-day trading on Wednesday. Selling pressure has remained relatively subdued, however, limiting the downside for the markets.

Airline stocks are turning in some of the market's worst performances in mid-day trading, dragging the NYSE Arca Airline Index down by 1.9%. With the loss, the index continues to pull back off last Friday's twelve-year closing high.

United Continental (UAL) and Delta (DAL) are posting standout losses within the airline sector, falling by 4.3% and 3.9%, respectively.

Significant weakness has also emerged among housing stocks, as reflected by the 1.2% loss being posted by the Philadelphia Housing Sector Index. The index is pulling back further off the three-month closing high it set on Monday.

Brokerage, banking, and defense stocks are also seeing notable weakness on the day, while gold stocks are bucking the downtrend amid a modest increase by the price of the precious metal.

The major averages have moved roughly sideways in recent trading, stuck in negative territory. The Dow is down 95.01 points or 0.6% at 16,850.91, the Nasdaq is down 4.77 points or 0.1% at 4,333.23 and the S&P 500 is down 6.75 point or 0.4% at 1,944.04.

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Source: Alliance News

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