While selling pressure has waned from earlier in the session, stocks are seeing continued weakness in afternoon trading on Monday. The major averages are lingering firmly in negative territory after showing a notable decline in early trading.

Steel stocks are turning in some of the worst performances amid concerns about the outlook for demand after President Barack Obama's auto task force indicated that General Motors (GM) and Chrysler have not gone far enough in their restructuring plans.

A variety of other sectors are also showing substantial weakness, with banking, housing, brokerage, and airline stocks posting notable losses.

The major averages have continued to move roughly sideways in recent trading, posting steep losses. The Dow is currently down 270.97 at 7,505.21, the Nasdaq is down 50.84 at 1,494.36 and the S&P 500 is down 29.38 at 786.56.

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