Major Averages Close Firmly Negative But Off Worst Levels

(RTTNews) - After falling sharply in early trading, stocks saw considerable weakness throughout the trading session on Monday. With the losses on the day, the major averages more than offset the modest gains posted last week.

The weakness on Wall Street came as resource stocks came under pressure amid notable decreases in commodities prices.

Energy stocks saw considerable weakness, as the price of crude oil for January delivery plummeted $2.32 to $37.65 a barrel.

The price of crude oil fell to its lowest levels in more than six years after OPEC ended its policy meeting without announcing a reduction in production.

Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index has plunged by 4.9 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil and & Gas Index tumbled by 4.3 percent and 3.8 percent, respectively.

Biotechnology, steel, trucking, and chemical stocks also saw significant weakness, moving lower along with most of the other major sectors.

The major averages regained some ground going into the close but still ended the session firmly in the red. The Dow slid 117.12 points or 0.7 percent to 17,730.51, the Nasdaq fell 40.46 points or 0.8 percent to 5,101.81 and the S&P 500 dropped 14.62 points or 0.7 percent to 2,077.07.