RTTNews - After showing a notable decline earlier in the session, stocks are seeing continued weakness in late morning trading on Wednesday. The pullback comes as traders do some profit taking following the release of some disappointing economic data.

Resource stocks have helped to lead the way lower for much of the day, with decreases in most major commodities prices inspiring traders to cash in on recent gains. Oil service stocks are posting particularly steep losses, as the price of oil falls nearly $2 a barrel.

With traders reacting to quarterly losses from Toll Brothers (TOL) and Hovnanian (HOV) as well as a report showing a steep drop in mortgage applications, housing stocks are also posting notable losses after seeing some strength in recent sessions.

While significant weakness is also visible among chemical, wireless, semiconductor, and railroad stocks, biotechnology stocks are among the few groups bucking the downtrend. Human Genome Sciences (HGSI) is leading the biotech sector higher, advancing 10.3 percent.

The major averages have shown a notable move to the upside in recent trading, although they remain stuck firmly in negative territory. The Dow is down 72.64 at 8,668.23, the Nasdaq is down 11.07 at 1,825.73 and the S&P 500 is down 11.71 at 933.03.

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