Major Averages Climb Well Off Their Worst Levels Of The Day

(RTTNews) - After moving sharply lower early in the session, stocks have regained some ground over the course of the trading day on Wednesday. The major averages have climbed well off their worst levels of the day but remain stuck in the red.

Despite the recovery attempt by the broader markets, substantial weakness remains visible among steel stocks. The NYSE Arca Steel Index has climbed off its worst levels of the day but continues to post a 1.8 percent loss in mid-day trading.

Within the steel sector, L.B. Foster (FSTR) is posting a particularly steep loss after Stifel downgraded its rating on the company's stock to Hold from Buy.

Gold stocks also continue to see notable weakness on the day, with the NYSE Arca Gold Bugs Index down by 1.3 percent. The weakness in the sector comes as gold for April delivery is slipping $2.50 to $1,201.90 an ounce.

Energy, computer hardware, and telecom stocks are also seeing continued weakness, while significant strength has emerged among biotechnology stocks.

Currently, the major averages are posting moderate losses. The Dow is down 108.94 points or 0.6 percent at 18,094.43, the Nasdaq is down 16.96 points or 0.3 percent at 4,962.94 and the S&P 500 is down 11.31 points or 0.5 percent at 2,096.47.