News Column

Major Averages Posting Steep Losses In Mid-Day Trading

July 8, 2014

WASHINGTON (Alliance News) - Stocks have moved sharply lower over the course of the trading day on Tuesday, extending the downward move seen in the previous session. With the losses, the Dow and the S&P 500 are pulling back well off last week's record highs.

Most of the major sectors have come under pressure over the course of the session, reflecting broad based weakness on Wall Street.

Internet stocks are seeing substantial weakness in mid-day trading, resulting in a 3.6% drop by the Dow Jones Internet Index. The index is pulling back further off the three-month closing high that it set last Thursday.

Twitter (TWTR) has helped to lead the internet sector lower, with the social media giant extending the pullback seen over the past few sessions with a 7.9% loss.

Significant weakness is also visible among electronic storage stocks, as reflected by the 3.4% loss being posted by the NYSE Arca Disk Drive Index. Imation (IMN) is posting a particularly steep loss.

Networking, computer hardware, and biotechnology stocks are also seeing considerable weakness, contributing to the sharp drop by the tech-heavy Nasdaq.

Outside of the tech sector, brokerage, airline, and pharmaceutical stocks are also seeing notable weakness, while utilities stocks are among the few groups bucking the downtrend.

Currently, the major averages are posting steep losses, near their worst levels of the day. The Dow is down 130.40 points or 0.8% at 16,893.81, the Nasdaq is down 75.91 points or 1.7% at 4,375.62 and the S&P 500 is down 15.87 points or 0.8% at 1,961.78.

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Source: Alliance News

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