Major Averages Pull Back Into Negative Territory

(RTTNews) - After moving mostly higher in morning trading on Wednesday, stocks have turned lower over the course of the trading session. The major averages have pulled back well off their highs for the session and into negative territory.

Gold stocks have shown a notable move to the downside on the day, partly offsetting the strong upward move seen in the previous session. Reflecting the weakness in the sector, the NYSE Arca Gold Bugs Index has fallen by 1.2 percent.

The weakness among gold stocks comes as the price of gold for February delivery is falling $13.60 to $1,186.80 an ounce.

Utilities and telecom stocks are also seeing some weakness on the day, although selling pressure has remained subdued.

On the other hand, notable strength remains visible among airline stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca Airline Index. With the gain, the index has reached a new twelve-year high.

Housing stocks are also turning in a strong performance following the release of an upbeat report on pending home sales in the month of November.

Currently, the major averages are all in the red, although the tech-heavy Nasdaq is down just 0.20 points at 4,777.24. The Dow is down 21.42 points or 0.1 percent at 17,961.65, while the S&P 500 is down 3.98 points or 0.2 percent at 2,076.37.