News Column

Major Averages Remain In The Red Amid Geopolitical Concerns

July 21, 2014

WASHINGTON (Alliance News) - Extending the back and forth movement seen over the past few sessions, stocks have moved to the downside during trading on Monday after moving notably higher last Friday. The choppy trading has kept the major averages close to their recent highs.

The weakness on Wall Street is partly due to geopolitical concerns amid ongoing conflicts in both Ukraine and Gaza.

Despite the notable pullback by the broader markets, most of the major sectors have shown only modest moves to the downside.

Gold stocks are seeing significant weakness, however, with the NYSE Arca Gold Bugs Index down by 1.2% on the day.

The weakness among gold stocks comes despite an increase by the price of the precious metal, as gold for August delivery is climbing USD3.60 to USD1,313 an ounce.

Telecom, natural gas, and banking stocks are also seeing some weakness on the day, although selling pressure has remained relatively subdued.

The major averages have climbed well off their worst levels of the day but currently remain in negative territory. The Dow is down 71.69 points or 0.4% at 17,028.49, the Nasdaq is down 16.24 points or 0.4% at 4,415.91 and the S&P 500 is down 8.26 points or 0.4% at 1,969.96.

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Source: Alliance News

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