WASHINGTON (dpa-AFX) - Stocks have moved mostly lower in early trading on Tuesday, giving back some ground after ending the previous session notably higher. After moving lower at the open, the major averages have subsequently slid more firmly into negative territory.
The early weakness on Wall Street is partly due to profit taking following the upward trend seen throughout much of the past month.
The gains posted on Monday lifted the Dow and the S&P 500 to new record closing highs, while the Nasdaq closed above 5,000 for the first time since early 2000.
Traders are cashing in on the recent gains amid concerns about the sustainability of the uptrend in light of expectations of higher interest rates in the relatively near future.
Negative sentiment has also been generated by news of disappointing auto sales from Ford (F), General Motors (GM), and Chrysler, which were hurt by the harsh winter weather.
Railroad stocks have shown a significant move to the downside, dragging the Dow Jones Railroads Index down by 1.4 percent. The index is on pace to end the session at its lowest closing level in a month.
Biotechnology, software, and semiconductor stocks are also seeing notable weakness, while most of the other major sectors are showing more modest moves.
Currently, the major averages remain stuck in the red. The Dow is down 79.09 points or 0.4 percent at 18,209.54, the Nasdaq is down 30.63 points or 0.6 percent at 4,977.47 and the S&P 500 is down 10.54 points or 0.5 percent at 2,106.85.
Copyright RTT News/dpa-AFX