Stocks Remain Sharply Lower In Late-Morning Trading - U
June 19th, 2008 | by Manufacturing Business |Stocks Remain Sharply Lower In Late-Morning Trading - U.S. Commentary.
(RTTNews) - Stocks are seeing sharp declines in late-morning trading on Wednesday after a government report showed that orders for durable goods fell unexpectedly for the month of February. Weak data from the manufacturing sector could indicate weakness in the overall economy.
Bank stocks are seeing some of the most selling pressure after an analyst cut her estimates for several banks. The S&P Bank Index is down 4.2 percent. Airline stocks are also sharply lower, hurt by a significant increase in the price of oil.
On the other hand, resource stocks are seeing considerable buying interest, with oil and oil service stocks posting some of the best gains. The Philadelphia Oil Service Index is up 2.9 percent compared to a 1.8 percent gain by the Amex Oil index.
While the major averages have been moving off of their intraday lows in the past few minutes, they remain firmly entrenched in negative territory.
