Stocks remain firmly in negative territory entering afternoon trading on Monday, although they have moved slightly off their lows of the day.

Steel and banking stocks continue to post steep losses, while housing and airline stocks are also showing notable weakness.

The Philadelphia Housing Index and the Amex Airline Index are posting losses of 6.5 percent and 5.6 percent, respectively.

Most of the other major sectors are also under pressure, reflecting broad based weakness.

Currently, the Dow is down 281.72 at 7,494.46, the Nasdaq is down 53.88 at 1,491.32, and the S&P 500 is down 29.26 at 786.68.

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