Major Averages Pull Back Well Off Their Highs For The Session

(RTTNews) - After moving notably higher earlier in the session, stocks have given back some ground in recent trading on Wednesday. The pullback reflects the recent volatility on Wall Street, with traders seemingly reluctant to make significant moves.

Trucking stocks continue to see considerable strength, however, with the Dow Jones Trucking Index jumping by 2.8 percent. The index is climbing further off the seven-month closing low it set last Friday.

YRC Worldwide (YRCW) and C.H. Robinson (CHRW) are posting standout gains within the trucking sector, surging up by 6.9 percent and 5.2 percent, respectively.

Notable strength also remains visible among financial stocks, with the Dow Jones Banks Index and the NYSE Arca Broker/Dealer Index both up by 1.2 percent.

On the other hand, utilities stocks are extending the steep drop seen in the previous session, with the Dow Jones Utilities Average tumbling by 1.6 percent. With the loss, the index has fallen to its lowest intraday level in well over two months.

Gold and commercial real estate stocks have also come under pressure on the day, contributing to the pullback by the broader markets.

Currently, the major averages remain in positive territory but well off their highs for the session. The Dow is up 71.30 points or 0.4 percent at 18,083.24, the Nasdaq is up 21.58 points or 0.4 percent at 5,098.10 and the S&P 500 is up 3.70 points or 0.2 percent at 2,113.30.