Major Averages Climb Off Lows But Remain Stuck In The Red

(RTTNews) - After coming under pressure earlier in the session, stocks remain mostly negative in mid-day trading on Friday. The losses on the day have party offset the gains posted in the two previous sessions, although the major averages remain well off Tuesday's lows.

Biotechnology stocks continue to see considerable weakness in mid-day trading, with the NYSE Arca Biotechnology Index down by 1.7 percent. The index remains stuck in a recent trading range.

Agios Pharmaceuticals (AGIO) is leading the biotech sector lower, tumbling by 14 percent despite reporting an impressive response rate for its leukemia treatment.

Significant weakness is also visible among energy stocks, as reflected by the 1.2 percent loss being posted by the NYSE Arca Oil & Gas Index. The weakness in the sector comes as crude oil for July delivery is falling $0.81 to $59.96 a barrel.

Steel, trucking, and pharmaceutical stocks are also seeing notable weakness on the day, while most of the other major sectors have shown more modest moves to the downside.

On the other hand, airline stocks continue to buck the downtrend, resulting in a 1.2 percent gain by the NYSE Arca Airline Index. The index continues to recover from the six-month closing low set on Tuesday.

The major averages have recently climbed off their worst levels of the day but remain firmly in the red. The Dow is down 144.06 points or 0.8 percent at 17,895.31, the Nasdaq is down 29.42 points or 0.6 percent at 5,053.09 and the S&P 500 is down 13.79 points or 0.7 percent at 2,095.07.