Major Averages Close Just Off Their Worst Levels Of The Day

(RTTNews) - Stocks moved sharply lower over the course of the trading day on Thursday, extending the downward trend seen over the past several sessions. With the steep losses on the day, the major averages pulled back further off the three-month highs set earlier this month.

Steel stocks saw substantial weakness on the day, resulting in a 3.1 percent drop by the NYSE Arca Steel Index. With the loss, the index fell to its lowest closing level in well over a month.

ArcelorMittal (MT), Schnitzer Steel (SCHN), and Cliffs Natural Resources (CLF) turned in some of the steel sector's worst performances.

Considerable weakness was also visible among energy stocks, which moved along with the price of crude oil. Crude for December delivery tumbled $1.18 to a more than two-month closing low of $41.75 a barrel

Reflecting the weakness in the energy sector, the NYSE Arca Oil & Gas Index plunged by 2.2 percent, while the NYSE Arca Natural Gas Index and the Philadelphia Oil Service Index slumped by 2.1 percent and 1.9 percent, respectively.

Housing stocks also showed a significant move to the downside on the day, dragging the Philadelphia Housing Sector Index down by 2.2 percent. Hovnanian Enterprises (HOV) posted a steep loss.

Biotechnology, financial, trucking, and computer hardware stocks also came under pressure amid broad based weakness on Wall Street.

The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Dow plunged 254.15 points or 1.4 percent to 17,448.07, the Nasdaq tumbled 61.94 points or 1.2 percent to 5,005.08 and the S&P 500 plummeted 29.03 points or 1.4 percent to 2,045.97.