RTTNews - While selling pressure has waned from earlier in the session, stocks are seeing continued weakness in late morning trading on Thursday. The major averages remain stuck firmly in the red, although they are well off their worst levels of the day.

Traders are cashing in on recent strength in the markets, as traders continue to question whether the current economic outlook supports the recent rally. Volume has remained relatively subdued, however, limiting the downside for the markets.

Biotechnology stocks are turning in some of the worst performances after posting standout gains in the previous session. The NYSE Arca Biotechnology Index is currently down 2.9 percent after ending Monday's trading at an all-time closing high.

Profit taking is also contributing to considerable weakness among housing and airline stocks, which have trended higher in recent sessions. Energy stocks are also under pressure amid a notable decrease by the price of crude oil.

The major averages have moved to the upside in recent trading, but they currently remain stuck well below the unchanged line. The Dow is currently down 42.93 at 9,500.59, the Nasdaq is down 22.27 at 2,002.16 and the S&P 500 is down 7.90 at 1,020.22.

For comments and feedback: contact editorial@rttnews.com