After showing a steep decline at the open, stocks have seen some further downside over the course of morning trading on Monday. The major averages have moved sharply lower amid weakness in a variety of sectors.

With traders reacting negatively to quarterly results from Bank of America (BAC), banking stocks have helped to lead the way lower. The Kbw Bank Index is currently down 9.5 percent, pulling back well off the three-month closing high it set last Friday.

Significant weakness has also emerged in the steel sector, as reflected by the 8 percent loss currently being shown by the Amex Steel Index. Airline, housing, real estate, and oil service stocks are also posting notable losses.

On the other hand, gold stocks continue to buck the downtrend by the broader markets amid a notable increase by the price the precious metal. With gold for June delivery up $17.80 at $885.70 an ounce, the Amex Gold Bugs Index is up 4.2 percent.

In recent trading, the major averages have edged up off their lows for the session but continue to post steep losses. The Dow is currently down 213.94 at 7,917.39, the Nasdaq is down 51.86 at 1,621.21 and the S&P 500 is down 26.54 at 843.06.

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