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Major Averages Posting Notable Losses In Mid-Day Trading
[July 07, 2014]

Major Averages Posting Notable Losses In Mid-Day Trading


(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - After coming under pressure in early trading on Monday, stocks have seen some further downside over the course of the session. The losses on the day are partly offsetting the strong performance that was shown by the markets last week.



The weakness on Wall Street is partly due to profit taking, with some traders cashing in on the recent strength in the markets.

Electronic storage stocks have shown a significant move to the downside over the course of the session, dragging the NYSE Arca Disk Drive Index down by 1.7%. The index is pulling back off the three-month closing high set last Thursday.


Hutchinson Technology (HTCH) has helped to lead the storage sector lower, with the maker of disk drive components tumbling by 3.4%.

Considerable weakness is also visible among airline stocks, as reflected by the 1.6% loss being posted by the NYSE Arca Airline Index. Ryanair Holdings (RYAAY) and Republic Airways (RJET) are posting notable losses.

Brokerage stocks are also giving back ground following recent strength, with the NYSE Arca Broker/Dealer Index falling by 1.4% after ending the previous session at a three-month closing high.

Oil service, biotechnology, and housing stocks have also come under pressure on the day, moving lower along with most of the other major sectors.

Currently, the major averages are posting notable losses, near their lows for the session. The Dow is down 64.25 points or 0.4% at 17,004.01, the Nasdaq is down 32.29 points or 0.7% at 4,453.63 and the S&P 500 is down 9.39 points or 0.5% at 1,976.05.

Copyright RTT News/dpa-AFX

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