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Major Averages Pull Back Into Negative Territory(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - After failing to sustain an initial upward move, stocks have turned mostly lower over the course of the trading day on Monday. The pullback on the day is partly offsetting the strong upward move that was seen last Friday. Contributing to a sharp pullback by the tech-heavy Nasdaq, electronic storage stocks have shown a significant move to the downside on the day. Reflecting the weakness in the storage sector, the NYSE Arca Disk Drive Index has fallen by 1.6%. Hutchinson Technology (HTCH) and SanDisk (SNDK) are turning in two of the storage sector's worst performances, sliding by 3.6% and 2.6%, respectively. Biotechnology stocks have also come under considerable selling pressure on the day, dragging the NYSE Arca Biotechnology Index down by 1.4%. Immunogen (IMGN) and Exact Sciences (EXAS) are posting standout losses. Notable weakness has also emerged among semiconductor, networking, and transportation stocks, reflecting the downturn by the broader markets. The major averages accelerated to the downside in recent trading, hitting new lows for the session. The Dow is down 39.78 points or 0.2% at 16,969.91, the Nasdaq is down 25.53 points or 0.6% at 4,450.09 and the S&P 500 is down 6.48 points or 0.3% at 1,961.42. Copyright RTT News/dpa-AFX |