News Column

Major Averages Climb Well Off Lows But Remain In The Red

July 10, 2014

WASHINGTON (Alliance News) - After falling sharply at the start of trading on Thursday, stocks have regained some ground over the course of the session. The major averages have climbed well off their worst levels of the day but remain stuck in negative territory.

While many of the major sectors have climbed well off their worst levels of the day, significant weakness remains visible among brokerage stocks. The NYSE Arca Broker/Dealer Index is down by 1.6% after hitting its worst intraday level in a month.

Nomura Holdings (NMR) is turning in one of the brokerage sector's worst performances, with the financial services provider down by 4.6%.

Oil service stocks also continue to see considerable weakness in mid-day trading, with the Philadelphia Oil Service Index down by 1.2%. The weakness among oil service stocks comes as crude for August delivery has fallen USD0.31 to USD101.98 a barrel.

Steel, banking, and networking stocks are also seeing notable weakness on the day, while gold stocks have shown a strong move to the upside.

Currently, the major averages continue to post notable losses. The Dow is down 104.71 points or 0.6% at 16,880.90, the Nasdaq is down 31.20 points or 0.7% at 4,387.84 and the S&P 500 is down 11.16 points or 0.6% at 1,961.67.

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Source: Alliance News

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