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14.05.2014 22:24:39

Dow And S&P 500 Pull Back Off Record Closing Highs

(RTTNews) - After showing a lack of direction throughout the previous session, stocks moved notably lower over the course of the trading day on Wednesday. Selling pressure picked up in afternoon trading, dragging the major averages more firmly into negative territory.

Brokerage stocks came under pressure on the day, extending the downward move seen on Tuesday. The NYSE Arca Broker/Dealer Index dropped by 2 percent, moving toward the low end of a recent trading range.

GFI Group (GFIG) and E*Trade (ETFC) turned in two of the brokerage sector's worst performances, falling by 4.3 percent and 3.4 percent, respectively.

Considerable weakness also emerged among airline stocks, as reflected by the 1.8 percent loss posted by the NYSE Arca Airline Index. With the loss, the index pulled back further off the twelve-year closing high it set on Monday.

SkyWest (SKYW) helped lead the airline sector lower after reporting a 0.5 percent year-over-year decrease in traffic for April.

Defense, housing, and networking stocks also came under pressure on the day, while gold stocks bucked the downtrend amid an increase by the price of the precious metal.

The major averages climbed off their worst levels going into the close but remained stuck in the red. The Dow slid 101.47 point or 0.6 percent to 16,613.97, the Nasdaq fell 29.54 points or 0.7 percent to 4,100.63 and the S&P 500 dropped 8.92 points or 0.5 percent to 1,888.53.

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