Major Averages Climb Off Lows But Remain Firmly Negative

(RTTNews) - After falling sharply in early trading, stocks continue to see considerable weakness in mid-day trading on Monday. With the losses on the day, the major averages have more than offset the modest gains posted last week.

The weakness on Wall Street comes as resource stocks have come under pressure amid notable decreases in commodities prices.

Energy stocks are seeing considerable weakness, as the price of crude oil for January delivery is tumbling $1.96 to $38.01 a barrel.

The price of crude oil has fallen to its lowest levels in more than six years after OPEC ended its policy meeting without announcing a reduction in production.

Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index has plummeted by 4.9 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil and & Gas Index have both plunged by 4 percent.

Steel, biotechnology, gold, and chemical stocks are also seeing significant weakness, while airline stocks are among the few groups bucking the downtrend.

In recent trading, the major averages have climbed off their worst levels of the day, but they remain firmly in the red. The Dow is down 135.52 points or 0.8 percent at 17,712.11, the Nasdaq is down 36.20 points or 0.7 percent at 5,106.07 and the S&P 500 is down 17.24 points or 0.8 percent at 2,074.45.