Major Averages Hovering Near the Bottom of the Day's Range
04-Feb-13 13:30 ET
[BRIEFING.COM] The major averages are holding their recent levels as trade continues near the bottom of the day's range. The S&P 500 is shedding 1.0% after European worries returned to the forefront. Stocks sold-off at the open as downbeat overseas trade weighed on European financials. In Italy, regulators continue to investigate Monte Paschi, as well as others, for failing to disclose large derivative losses. Elsewhere, Spain's IBEX was pressured as the alleged kickback scheme involving Prime Minister Mariano Rajoy and his ruling party continues to ripple through the markets.
Domestically, financials are lagging after their European counterparts registered notable losses. The SPDR Financial Select Sector ETF (XLF 17.45, -0.16) is lower by 0.9%.
In addition to financials, the nine remaining S&P 500 sectors are trading in the red as well. Utilities are outperforming as the sector trades with a loss of just 0.4%.