Major Averages Close Modestly Lower But Well Off Worst Levels

(RTTNews) - With renewed concerns about the outlook for the Federal Reserve's stimulus program continuing to weigh on the markets on Wednesday, stocks added to the notable losses posted in the previous session.

Selling pressure waned over the course of the session, however, and the major averages ended the day well off their early lows.

While most of the major sectors ended the session well off their worst levels, substantial weakness remained visible among trucking stocks. The Dow Jones Trucking Index tumbled by 2.7 percent, pulling back further off the record closing high it set last Thursday.

YRC Worldwide (YRCW) helped lead the trucking sector lower, with the transportation services provider plunging by 17.7 percent after reporting a much wider than expected second quarter loss.

Housing stocks also ended the day significantly lower, resulting in a 2 percent drop by the Philadelphia Housing Sector Index. With the loss, the index fell to a seven-month closing low.

Electronic storage, retail, and natural gas stocks also saw notable weakness at the close, while most of the other major sectors were showing more modest moves.

After falling nearly 100 points in early trading, the Dow ended the day down 48.07 points or 0.3 percent at 15,470.67. The Nasdaq dipped 11.76 points or 0.3 percent to 3,654.01 and the S&P 500 slid 6.46 points or 0.4 percent to 1,690.91.