RTTN: Major Averages Moving Lower In Early Trading
(RTTNews) - Stocks have moved mostly lower in early trading on Wednesday, extending the substantial move to the downside seen in recent sessions. The major averages have all slipped into negative territory, although selling pressure remains relatively subdued.
The early weakness on Wall Street comes as traders continue to digest comments from Federal Reserve Chairman Ben Bernanke, who spoke at the International Monetary Conference in Atlanta near the end of the trading day on Tuesday.
Bernanke acknowledged that the economic recovery has been "uneven" and "frustratingly slow" but did not indicate that the Fed is likely to take additional steps to prop up the economy.
Networking stocks are seeing considerable weakness in early trading, with Ciena (CIEN) leading the way lower after reporting a wider than expected second quarter loss and forecasting weaker than expected third quarter revenues. Shares of Ciena are currently down by 12.5 percent.
Electronic storage, semiconductor, and gold stocks have also come under pressure, moving to the downside along with most of the major sectors. On the other hand, some oil stocks are bucking the downtrend amid a sharp rise by the price of crude oil.
The major averages have seen some further downside in recent trading, falling to new lows for the young session. The Dow is down 21.12 points or 0.2 percent at 12,049.69, the Nasdaq is down 15.65 points or 0.6 percent at 2,685.91 and the S&P 500 is down 4.68 points or 0.4 percent at 1,280.26.
