RTTN: Major Averages Posting Modest Losses In Late Morning Trading
Stocks are moving mostly lower in late morning trading on Monday, although selling pressure has remained relatively subdued. The major averages have moved well off their lows for the session but are currently posting modest losses.
After moving higher for much of the past month, housing stocks are seeing notable weakness, as traders cash in on the recent strength in the sector. The Philadelphia Housing Sector Index is currently down 2.3 percent after ending Friday's trading at a ten-month closing high.
Significant weakness is also visible among gold stocks, which are moving lower along with the price of the precious metal. With gold for August delivery currently down $12.50 at $944.80 an ounce, the NYSE Arca Gold Bugs Index is down 1.9 percent.
Major Averages Posting Modest Losses In Late Morning Trading
8/10/2009 11:33 AM ET
(RTTNews) - Stocks are moving mostly lower in late morning trading on Monday, although selling pressure has remained relatively subdued. The major averages have moved well off their lows for the session but are currently posting modest losses.
After moving higher for much of the past month, housing stocks are seeing notable weakness, as traders cash in on the recent strength in the sector. The Philadelphia Housing Sector Index is currently down 2.3 percent after ending Friday's trading at a ten-month closing high.
Significant weakness is also visible among gold stocks, which are moving lower along with the price of the precious metal. With gold for August delivery currently down $12.50 at $944.80 an ounce, the NYSE Arca Gold Bugs Index is down 1.9 percent.
While retail, transportation, and commercial real estate stocks are also posting notable losses, some strength has emerged among electronic storage, banking, and natural gas stocks.
The major averages have moved to the downside in recent trading, although they remain well off their worst levels of the day. The Dow is currently down 17.08 at 9,352.99, the Nasdaq is down 4.98 at 1,995.27 and the S&P 500 is down 2.53 at 1,007.95.
by RTT Staff Writer
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