Major Averages Posting Steep Losses In Mid-Day Trading

(RTTNews) - After moving moderately lower early in the session, stocks have seen further downside over the course of the trading day on Thursday. Disappointing service sector data is weighing on the markets along with the ongoing government shutdown.

While most of the major sectors have come under pressure on the day, housing stocks have shown a substantial move to the downside. Reflecting the weakness in the sector, the Philadelphia Housing Sector Index has tumbled by 1.9 percent.

Vulcan Materials (VMC) and Ryland Group (RYL) are turning in two of the housing sector's worst performances, falling by 3.2 percent and 2.7 percent, respectively.

Significant weakness has also emerged among trucking stocks, as reflected by the 1.9 percent loss being posted by the Dow Jones Trucking Index. YRC Worldwide (YRCW) and Ryder (R) are posting notable losses in mid-day trading.

Defense stocks are also seeing considerable weakness, adding to the losses posted in the previous session. The Philadelphia Defense Sector Index is down by 1.7 percent, at its worst level in almost a month.

Commercial real estate, brokerage, and biotechnology stocks have also come under pressure, moving to the downside along with most of the other major sectors.

The major averages are currently posting steep losses, near their worst levels of the day. The Dow is down 166.93 points or 1.1 percent at 14,966.21, the Nasdaq is down 51.60 points or 1.4 percent at 3,763.42 and the S&P 500 is down 20.41 points or 1.2 percent at 1,673.46.