Major Averages Stuck In The Red In Mid-Day Trading

(RTTNews) - While selling pressure has remained subdued, stocks continue to see modest weakness in mid-day trading on Thursday. Traders are cashing on the rally seen in the previous session following the release of a batch of disappointing economic data.

Gold stocks continue to see considerable weakness after bucking the uptrend seen in the previous session. The NYSE Arca Gold Bugs Index is down by 2 percent, although it has climbed off the five-year low set earlier in the session.

The continued weakness among gold stocks comes amid a sharp drop by the price of the precious metal, with gold for February delivery plunging $36.20 to $1,198.80 an ounce.

Significant weakness also remains visible among commercial real estate stocks, as reflected by the 1.6 percent loss being posted by the Morgan Stanley REIT Index. The index is giving back some ground after closing higher for four straight sessions.

Oil service, airline, and housing stocks have also moved to the downside on the day, while some strength has emerged among steel and natural gas stocks.

The major averages are currently stuck in the red but are off their worst levels of the day. The Dow is down 9.25 points or 0.1 percent at 16,158.72, the Nasdaq is down 14.36 points or 0.4 percent at 4,055.71 and the S&P 500 is down 3.71 points or 0.2 percent at 1,806.94.