RTTNews - After moving sharply lower at the open, stocks have seen some further downside over the course of morning trading on Monday. The major averages have moved firmly into negative territory, partly offsetting the upward move seen in recent weeks.
With traders expressing some concerns about the outlook for the global economy, resource stocks are posting particularly steep loss amid worries about demand. Steel stocks are turning in some of the worst performances, dragging the NYSE Arca Steel Index down 5.8 percent.
Significant weakness is also visible in most of the other major sectors, with economic concerns generating broad based selling pressure. Railroad, real estate, networking, and airline stocks are posting substantial losses.
On the other hand, health insurance stocks are among the few groups bucking the downtrend by the broader markets. The sector is benefiting from signs that the Obama administration is giving up on including a public option as part of health care reform.
In recent trading, the major averages pulled back to new lows for the session, although they have regained some ground in the past few minutes. The Dow is currently down 171.55 at 9,144.71, the Nasdaq is down 48.95 at 1,936.57 and the S&P 500 is down 21.66 at 982.43.
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