(RTTNews) - Stocks continue to show notable weakness in late morning trading on Thursday, as oil prices soar above the $121 a barrel mark on geopolitical concerns. Lingering concerns over the health of financials are also contributing to the selling pressure.

Oil sensitive stocks such as airlines are turning in some of the worst performances. The Amex Airline Index is currently down 5 percent after setting a two week intraday low. Brokerage and bank stocks are also seeing significant selling pressure after an analyst lowered is quarterly estimates on several investment banks.

On the other hand, gold stocks are rallying on a $23 an ounce increase in the price of the precious metal. The Amex Gold Bugs Index is up 6.8 percent. Oil, oil service and health insurance stocks are also seeing notable gains.

In recent trading, the major averages have continued to post notable losses, although they remain off of their worst levels of the day. The Dow is currently down 66.03 at 11,351.40, the Nasdaq is down 22.28 at 2,366.80 and the S&P 500 is down 5.82 at 1,268.72.

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Posted in Categories: Economy, Releases, USA.

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