RTTNews - After posting steep losses in the two previous sessions, stocks have shown a lack of direction throughout morning trading on Wednesday. The major averages have had difficulty sustaining any significant moves amid some uncertainty about the near-term outlook for the markets.
Despite the choppy trading, significant weakness has emerged among banking stocks, with the Kbw Bank Index currently down 3.5 percent. The losses by banking stocks come after Standard and Poor's lowered its ratings and revised its outlooks on 22 U.S. banks.
Energy stocks have also come under pressure amid a pullback by the price of oil, which has slipped back below the $70 a barrel level. Real estate, housing, and transportation stocks are also posting notable losses.
On the other hand, pharmaceutical and health insurance stocks have performed well throughout the trading day. In recent trading, considerable strength has also emerged among retail and telecommunications stocks.
The major averages have moved to the upside in recent trading, with the Dow and the Nasdaq climbing back above the unchanged line. While the S&P 500 remains down 0.93 at 911.04, the Dow is up 10.20 at 8,514.87 and the S&P 500 is up 8.82 at 1,805.00.
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