Major Averages Climb Well Off Their Worst Levels Of The Day

(RTTNews) - After showing a notable move to the downside in early trading, stocks have regained some ground over the course of the trading day on Monday. The markets have maintained a negative bias, however, keeping the major averages in the red.

Despite the recovery attempt by the broader markets, significant weakness remains visible among housing stocks. The Philadelphia Housing Sector Index is down by 1.5 percent after hitting a two-month intraday low on the heels of disappointing pending home sales data.

Ryland Group (RYL), Masco (MAS), and Standard Pacific (SPF) are turning in some of the housing sector's worst performances in mid-day trading.

Transportation stocks are also seeing considerable weakness on the day, as reflected by the 1.3 percent loss being posted by the Dow Jones Transportation Average. With the loss, the average is pulling back further off the record closing high it set last Wednesday.

Biotechnology and oil service stocks are also seeing some weakness, while notable strength has emerged among utilities stocks.

The major averages have recently pulled back off their recovery highs but remain well off their worst levels. The Dow is down 23.85 points or 0.1 percent at 16,936.72, the Nasdaq is down 14.99 points or 0.3 percent at 4,434.57 and the S&P 500 is down 3.37 points or 0.2 percent at 1,974.97.