RTTNews - While selling pressure has remained relatively subdued, stocks are lingering in negative territory in late morning trading on Wednesday. The major averages remain stuck in the red after showing a notable decline at the open.
After seeing notable weakness in the previous session, resource stocks are seeing some further downside amid a continued decrease in commodities prices. Steel, oil service, and natural gas stocks are turning in some of the worst performances.
Most of the other major sectors have also moved lower, with significant weakness visible among telecommunications, chemical, and computer hardware stocks. Sprint Nextel (S) is leading the telecom sector after reporting a wider second quarter loss.
On the other hand, some health insurance and healthcare provider stocks continue to buck the downtrend by the broader markets. WellCare Health Plans (WCG) is currently up 17.7 percent after reporting much stronger than expected second quarter earnings growth.
The major averages have moved to the downside in recent trading, although they remain off their worst levels of the day. The Dow is currently down 63.03 at 9,033.69, the Nasdaq is down 15.31 at 1,960.20 and the S&P 500 is down 8.29 at 971.33.
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