Major Averages In The Red In Mid-Day Trading

(RTTNews) - Following the substantial sell-off that was seen in the previous session, stocks have fluctuated over the course of the trading on Friday. While the markets have largely maintained a negative bias, selling pressure has remained relatively subdued.

A majority of the major sector indices have moved to the downside on the day, although most are showing only modest moves.

Brokerage stocks are seeing significant weakness, however, with the NYSE Arca Broker/Dealer Index down by 1.1 percent. In early trading, the index hit its worst intraday level in almost five months.

Notable weakness has also emerged among housing stocks, as reflected by the 1.1 percent loss being posted by the Philadelphia Housing Sector Index. With the loss, the index is on pace to end the session at a nearly four-month closing low.

Gold, steel, and banking stocks are also seeing some weakness in mid-day trading, while biotechnology stocks have moved modestly higher on the day.

The major averages are currently in the red but are well off their lows for the session. The Dow is down 80.31 points or 0.5 percent at 16,089.91, the Nasdaq is down 12.39 points or 0.3 percent at 4,041.72 and the S&P 500 is down 6.69 points or 0.4 percent at 1,826.39.