Major Averages Close In The Red But Off Worst Levels

(RTTNews) - Stocks moved moderately lower over the course of the trading session on Wednesday, although selling pressure remained relatively subdued. With the drop on the day, the major averages pulled back off yesterday's three-month closing highs.

Gold stocks showed a substantial move to the downside on the day, dragging the NYSE Arca Gold Bugs Index down by 3 percent. With the drop, the index ended the session at its lowest closing level in a month.

The weakness among gold stocks came amid a decrease by the price of the precious metal, with gold for December delivery sliding $7.90 to $1,106.20 an ounce.

Significant weakness was also visible among steel stocks, as reflected by the 1.5 percent loss posted by the NYSE Arca Steel Index. U.S. Steel (X) posted a steep loss after reporting a wider than expected third quarter loss.

Telecom stocks also saw considerable weakness, resulting in a 1.3 percent drop by the NYSE Arca North American Telecom Index. Motorola Solutions (MSI) led the way lower after providing disappointing guidance.

Airline, electronic storage, networking, and trucking stocks also came under pressure over the course of the trading session.

The major averages ended the day in the red but off their lows for the session. The Dow fell 50.57 points or 0.3 percent to 17,867.58, the Nasdaq edged down 2.65 points or 0.1 percent to 5,142.48 and the S&P 500 slid 7.48 points or 0.4 percent to 2,102.31.