Major Averages Turn Negative After Seeing Initial Upward Move

(RTTNews) - Stocks have moved mostly lower over the course of the trading day on Thursday after failing to sustain an initial upward move. Expectations of further tapering by the Federal Reserve seem to be weighing on the markets following recent upbeat economic data.

Networking stocks have shown a notable move to the downside over the course of the trading day, dragging the NYSE Arca Networking Index down by 1.7 percent. With the loss, the index is giving back ground after ending Wednesday's trading at its best closing level in well over two years.

Adtran (ADTN) and Alcatel-Lucent (ALU) are turning in two of the networking sector's worst performances, falling by 5.2 percent and 5 percent, respectively.

Considerable weakness has also emerged among steel stocks, as reflected by the 1.3 percent loss being posted by the NYSE Arca Steel Index. The loss extends a recent downward trend by the index, which has pulled back well off the eleven-month closing high set on New Year's Eve.

Electronic storage, gold, and telecom stocks have also come under pressure on the day, while some strength remains visible among airline and biotech stocks.

The major averages have recently climbed off their worst levels of the day but remain in the red. The Dow is down 42.64 points or 0.3 percent at 16,420.10, the Nasdaq is down 15.46 points or 0.4 percent at 4,150.15 and the S&P 500 is down 3.42 points or 0.2 percent at 1,834.07.