Major Averages Close In The Red But Well Off Session Lows

(RTTNews) - After moving notably lower in early trading on Tuesday, stocks regained some ground over the course of the session but still closed in the red. The losses on the day further offset the rally seen last Friday, which lifted the Dow to its best closing level in over two months.

Many of the major sectors ended the day showing only modest moves, although considerable weakness was visible among chemical stocks. The Dow Jones Chemicals Index fell by 1.2 percent, pulling back further off the two-month closing high set last Friday.

International Flavors & Fragrances (IFF) turned in one of the chemical sector's worst performances despite reporting better than expected first quarter earnings.

Transportation stocks also moved to the downside, dragging the Dow Jones Transportation Average down by 1.2 percent. Avis Budget Group (CAR) posted a notable loss on the day.

Brokerage and semiconductor stocks also saw some weakness, while gold and oil service stocks moved higher along with the prices of their associated commodities.

The major averages ended the day modestly lower but well off their worst levels. The Dow dipped 36.94 points or 0.2 percent to 18,068.23, the Nasdaq fell 17.38 points or 0.4 percent to 4,976.19 and the S&P 500 slipped 6.21 points or 0.3 percent to 2,099.12.