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.
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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