RTTNews - After failing to sustain an initial upward move, stocks have shown a notable move to the downside over the course of morning trading on Wednesday. The major averages have all moved well off their highs for the session and into negative territory.
With traders doing some profit taking following recent gains, technology stocks have come under considerable selling pressure after moving sharply higher in the previous session. Electronic storage stocks are turning in some of the worst performances.
A variety of other sectors have also come under pressure, with airline, real estate, chemical, and biotechnology stocks posting notable losses. A continued increase by the price of crude oil is contributing to the weakness in the oil-sensitive airline sector.
On the other hand, utilities stocks are seeing considerable strength, pushing the Dow Jones Utilities Average up 1.2 percent. Some oil stocks are also posting strong gains amid the rising price of crude.
In recent trading, the major averages have edged up off their lows for the session, although they remain stuck in the red. The Dow is currently down 23.36 at 8,739.70, the Nasdaq is down 21.79 at 1,838.34 and the S&P 500 is down 4.17 at 938.26.
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