Major Averages Pull Back Firmly Into Negative Territory

(RTTNews) - After moving modestly higher at the open, stocks have once again come under pressure over the course of the trading day on Wednesday. With the downturn on the day, the Nasdaq is pulling back further off the fifteen-year closing high it set last Friday.

Semiconductor stocks have shown a substantial move to the downside on the day, contributing to the steep loss being posted by the tech-heavy Nasdaq. Reflecting the weakness in the sector, the Philadelphia Semiconductor Index is plunging by 3.5 percent.

Skyworks Solutions (SWKS), Lam Research (LRCX), and Avago Technologies (AVGO) are turning in some of the semiconductor sector's worst performances.

Considerable weakness is also visible among biotechnology stocks, as reflected by the 3.1 percent loss being posted by the NYSE Arca Biotechnology Index. With the drop, the index is pulling back further off the record intraday high that it set last Friday.

Software, airline, and internet stocks are also seeing significant weakness in mid-day trading, moving lower along with most of the other major sectors.

On the other hand, energy stocks are seeing continued strength amid an increase by the price of crude oil. Crude for May delivery is currently climbing $0.84 to $48.35 a barrel.

Currently, the major averages are lingering near their worst levels of the day. The Dow is down 163.35 points or 0.9 percent at 17,847.79, the Nasdaq is down 71.48 points or 1.4 percent at 4,923.24 and the S&P 500 is down 15.14 points or 0.7 percent at 2,076.36.