RTTNews - Stocks have moved mostly lower over the course of morning trading on Friday, with the major averages giving back some ground after ending the previous session sharply higher. Some traders may be cashing in on yesterday's strong gains.
Pharmaceutical stocks are turning in some of the market's worst performances, dragging the NYSE Arca Pharmaceutical Index down 1.3 percent. Sanofi Aventis (SNY) is helping to lead the sector lower amid concerns about the safety of one of its drugs.
While notable weakness has also emerged among healthcare provider, banking, and software stocks, selling pressure has remained somewhat subdued.
Traders have largely shrugged off the latest batch of economic news, including a report from Reuters and the University of Michigan showing a bigger than expected improvement in consumer sentiment in the month of June.
The major averages have moved roughly sideways in recent trading, lingering in negative territory. The Dow is currently down 61.22 at 8,411.18, the Nasdaq is down 4.36 at 1,825.18 and the S&P 500 is down 6.04 at 914.22.
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