After seeing considerable strength earlier in the session, stocks have shown a substantial move back to the downside over the course of afternoon trading on Wednesday. The major averages have pulled back well off their highs for the session and into negative territory.

The pullback by the markets is partly due to a negative reaction to the release of the results of the Treasury Department's auction of $34 billion worth of five-year notes. The auction drew a yield of 1.849 percent and a bid-to-cover ratio of 2.02.

With the bid-to-cover ratio, an indicator of demand, coming in below the 2.21 from the Treasury's previous auction of $32 billion in five-year notes last month, the auction results have raised some concerns about demand for U.S. government debt.

The upward move seen earlier in the session came as traders reacted to the release of some better than expected economic data, including another better than expected housing market report.

The major averages are currently lingering below the unchanged line, although they are off their lows for the session. The Dow is currently down 25.89 at 7,634.08, the Nasdaq is down 10.47 at 1,506.05 and the S&P 500 is down 4.58 at 801.67.

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