Stocks moved sharply lower at the start of trading on Monday, with the major averages giving back some ground after trending higher in recent weeks. Profit taking contributed to the initial downward move by the markets.

After helping to lead the way higher last week, banking stocks have come under considerable selling pressure in early trading. Steel, real estate, transportation, and oil service stocks are also seeing early weakness.

While the major averages have not seen much follow through on their initial downward moves, they have remained stuck firmly in the red. The Dow is currently down 107.53 at 8,467.12, the Nasdaq is down 24.63 at 1,714.37 and the S&P 500 is down 15.74 at 913.49.

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