Major Averages Bounce Well Off Early Lows

(RTTNews) - After falling sharply at the open, stocks have shown a significant recovery attempt over the course of morning trading on Monday. The major averages have climbed well off their lows for the session and are now lingering near the unchanged line.

The initial weakness on Wall Street came in reaction to news that the Greek people voted to reject the austerity measures proposed by the country's international creditors.

The "no" vote on the referendum has added to recent concerns about Greece leaving the eurozone, a move commonly known as the "Grexit."

European officials said they respect the Greek voters' decision but argued that it is now up to the Greek government to come up with a new proposal.

Following the vote, Greek Finance Minister Yanis Varoufakis announced his resignation amid indications that he was unwelcome at meetings of European finance ministers.

Despite the rebound by the broader markets, significant weakness remains visible among steel stocks. The NYSE Arca Steel Index is down by 2.1 percent after hitting its worst intraday level in over six years.

Electronic storage, natural gas, and oil service stocks also continue to see notable weakness, while considerable strength has emerged among gold stocks.

Currently, the major averages are posting only modest losses. The Dow is down 23.81 points or 0.1 percent at 17,706.30, the Nasdaq is down 2.34 points or 0.1 percent at 5,006.87 and the S&P 500 is down 2.59 points or 0.1 percent at 2,074.19.