Major Averages Partly Offset Last Friday's Strong Gains

(RTTNews) - Stocks moved mostly lower over the course of the trading day on Monday, partly offsetting the substantial gains posted last Friday. Selling pressure remained relatively subdued, however, limiting the downside for the markets.

While many of the major sectors ended the day showing only modest moves, notable weakness was visible among energy stocks. The NYE Arca Oil & Gas Index tumbled by 2.2 percent to its lowest closing level in almost a month.

The weakness in the energy sector was also reflected by notable decreases by the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index, which dropped by 1.6 percent and 1.7 percent, respectively.

A modest decrease by the price of crude oil contributed to the weakness among energy stocks, with crude for June delivery slipping $0.14 to $59.25 a barrel.

Commercial real estate stocks also came under pressure, dragging the Morgan Stanley REIT Index down by 1.6 percent. The pullback by the index came after it ended the two previous sessions sharply higher.

Meanwhile, brokerage and steel stocks saw some strength on the day, helping to limit the downside for the broader markets.

The major averages all closed in negative territory, although the tech-heavy Nasdaq edged down only 9.98 points or 0.2 percent to 4,993.57. The Dow fell 85.94 points or 0.5 percent to 18,105.17 and the S&P 500 slid 10.77 points or 0.5 percent to 2,105.33.