(RTTNews) - Stocks have shown a notable turnaround over the course of morning trading on Friday, with the major averages pulling back well off their highs after failing to sustain an early upward move.

The downturn by the markets is partly due to significant weakness that has emerged in the banking sector, which is extending a recent downward move. Dow component Citigroup (C) is helping to lead the sector lower.

A variety of other sectors have also come under pressure over the course of the trading day, helping to drag the major averages lower. Some health insurance, biotechnology, and real estate stocks are posting significant losses.

On the other hand, considerable strength remains visible among gold stocks, which are benefiting from a substantial increase by the price of gold. Steel, oil, and natural gas stocks are also holding onto some of their earlier gains.

While the major averages pulled back into negative territory in recent trading, they have climbed back above the unchanged line since then. The Dow is currently up 36.55 at 7,588.84, the Nasdaq is up 2.24 at 1,318.36 and the S&P 500 is up 1.28 at 753.72.

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Posted in Categories: Economy, Releases, USA.

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