Major Averages In The Red But Off Their Worst Levels

(RTTNews) - After moving sharply higher over the two previous sessions, stocks have given back some ground during trading on Thursday. Selling pressure has remained relatively subdued, however, limiting the downside for the markets.

While most of the major sectors are showing only modest moves, considerable weakness is visible among railroad stocks. The Dow Jones Railroads Index has plunged by 3.1 percent after ending the previous session at a record closing high.

CSX Corp. (CSX) has helped to lead the railroad sector lower, tumbling by 7 percent after reporting weaker than expected fourth quarter earnings.

Banking, trucking, and retail stocks are also seeing some weakness, while biotechnology stocks have shown a strong move to the upside. The NYSE Arca Biotechnology Index has risen by 1.3 percent to a new record intraday high.

The major averages are currently all in negative territory but are off their worst levels of the day. The Dow is down 80.26 points or 0.5 percent at 16,401.68, the Nasdaq is down 2.66 points or 0.1 percent at 4,212.22 and the S&P 500 is down 5.04 points or 0.3 percent at 1,843.34.