Major Averages Posting Moderate Losses In Early Trading

(RTTNews) - Stocks have moved to the downside in early trading on Monday, giving back some ground after moving mostly higher last week. The major averages have all dipped into negative territory, although selling pressure has remained somewhat subdued.

The early weakness on Wall Street is partly due to profit taking following the recent strength in the markets, which lifted the Dow and the S&P 500 to new record highs last week.

Negative sentiment has also been generated by comments from Chinese Finance Minister Lou Jiwei indicating that China won't dramatically alter its economic policy despite signs of downward pressure on growth.

Additionally, the National Association of Realtors recently released a report showing an unexpected drop in U.S. existing home sales in the month of August.

Gold stocks are turning in some of the market's worst performances in early trading, extending a recent downward trend. The NYSE Arca Gold Bugs Index has fallen by 2.1 percent to its lowest intraday level in well over three months.

Steel, internet, airline, and energy stocks are also seeing notable weakness, while most of the other major sectors are showing more modest moves.

Currently, the major averages are posting moderate losses. The Dow is down 21.29 points or 0.1 percent at 17,258.45, the Nasdaq is down 24.75 points or 0.5 percent at 4,555.04 and the S&P 500 is down 7.34 points or 0.4 percent at 2,003.06.