After failing to sustain an initial upward move, stocks have turned lower over the course of morning trading on Tuesday. The major averages have all pulled back into negative territory, although the Dow has shown a relatively modest decline.
With a continued increase by the price of oil generating some selling pressure, airline stocks are seeing considerable weakness in the late morning. The Amex Airline Index is down 4.3 percent, pulling back further off the nearly three-month closing high it set last week.
Banking stocks have also shown notable moves to the downside after seeing some initial strength, with Regions Financial (RF) and Huntington Bancshares (HBAN) helping to lead the way lower. Housing, semiconductor, and electronic storage stocks are also posting steep losses.
On the other hand, gold stocks are holding onto strong gains amid an increase by the price of the precious metal. Tobacco and chemical stocks are also bucking the downtrend.
In recent trading, the Dow briefly climbed above the unchanged line, but it has moved back to the downside since then. The Dow is currently down 23.81 at 8,394.96, the Nasdaq is down 21.82 at 1,709.42 and the S&P 500 is down 6.52 at 902.72.
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