Dow Falls To Three-Month Closing Low

(RTTNews) - After failing to sustain an early upward move, stocks moved mostly lower over the course of the trading day on Thursday. The losses on the day extended the recent downward trend by the markets, with the Dow falling to a three-month closing low.

Extending a recent downward trend, airline stocks moved sharply lower over the course of the trading day. The NYSE Arca Airline Index tumbled by 1.9 percent to its lowest closing level in well over two months.

Copa Holdings (CPA) helped lead the airline sector lower, with the parent of Copa Airlines plunging by 15.6 percent after providing disappointing guidance.

Semiconductor stocks also saw significant weakness on the day, dragging the Philadelphia Semiconductor Index down by 1.4 percent. The index also fell to a two-month closing low.

Pharmaceutical, healthcare provider and steel stocks also came under considerable selling pressure, moving lower along with most of the other major sectors.

Meanwhile, bargain hunting contributed to some strength in the utilities sector, with the Philadelphia Utility Sector Index rising by 1.1 percent after ending the previous session at a nearly five-month closing low.

The major averages climbed off their worst levels going into the close but remain firmly negative. The Dow fell 75.07 points or 0.5 percent to 16,368.27, the Nasdaq slid 20.08 points or 0.5 percent to 4,334.97 and the S&P 500 dropped 10.67 points or 0.6 percent to 1,909.57.