RTTNews - After seeing some strength earlier in the session, stocks have shown a notable move to the downside in late morning trading on Wednesday. The major averages have pulled back well off their highs for the session and into negative territory.

The downward move reflects significant weakness that has emerged in a variety of sectors, with health insurance stocks posting particularly steep losses after bucking the substantial downtrend that was seen in the previous session.

Gold stocks have also come under pressure, moving sharply lower along with the price of the precious metal. Notable losses by networking, real estate, and oil service stocks have also contributed to the downturn by the broader markets.

On the other hand, some strength remains visible in the pharmaceutical sector, with Amgen (AMGN) posting a standout gain after reporting positive drug study results.

In the past few minutes, the major averages have edged up off their new lows for the session, although they remain stuck in the red. The Dow is currently down 32.88 at 8,130.72, the Nasdaq is down 12.22 at 1,733.95 and the S&P 500 is down 6.03 at 875.00.

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