Stock Market Update

[BRIEFING.COM] The major indices extended their opening gains over the last half hour. The S&P 500 is down 70 points, or 1.3%. The Dow Jones Industrial Average is down 700 points, or 1.7%.

All 30 Dow components are lower and all 11 S&P 500 sectors sport declines. The heavily-weighted information technology sector had been trading higher initially, but early gains in the semiconductor space have faded, weighing down the sector.

The second most heavily weighted S&P 500 sector, financials, shows a 2.4% decline. It is the worst performing sector followed by industrials (-2.2%) and materials (-2.0%).