Major Averages Remain Firmly Negative In Mid-Day Trading

(RTTNews) - After coming under pressure early in the session, stocks are seeing continued weakness in mid-day trading on Thursday. Disappointing Chinese manufacturing data is weighing on the markets following the lackluster performance seen in recent sessions.

Airline stocks have shown a substantial move to the downside on the day, dragging the NYSE Arca Airline Index down by 2.4 percent. The steep loss by the index comes after it ended the previous session at its best closing level in over eleven years.

Southwest Airlines (LUV) is turning in one of the airline sector's worst performances despite reporting better than expected fourth quarter results

Considerable weakness is also visible among oil service stocks, as reflected by the 1.6 percent loss being posted by the Philadelphia Oil Service Index. Tidewater (TDW), Diamond Offshore (DO) and Oceaneering International (OII) are posting notable losses.

Banking stocks also seeing significant weakness in mid-day trading, with the Dow Jones Banks Index down by 1.7 percent. Trucking, chemical, and brokerage stocks have also come under pressure.

Meanwhile, gold and railroad stocks are bucking the downtrend by the broader markets, driving the NYSE Arca Gold Bugs Index and the Dow Jones Railroads Index up by 3 percent and 1.8 percent, respectively.

The major averages have moved roughly sideways in recent trading, stuck firmly in negative territory. The Dow is down 176.60 points or 1.1 percent at 16,196.74, the Nasdaq is down 36.25 points or 0.9 percent at 4,206.75, and the S&P 500 is down 17.34 points or 0.9 percent at 1,827.52.