The major averages remained moderately lower in weak volume late Monday afternoon amid worries about a government shutdown.
The Dow Jones industrial average lost 0.7%, paring an earlier 1.1% decline. The S&P 500 pierced its 50-day moving average early in the session but recovered a bit and was trading just above the key support level. The benchmark index fell 0.5%. The Nasdaq gave up 0.2%.
Preliminary data showed NYSE and Nasdaq volume tracking slightly lower than Friday’s levels.
In the stock market today, software developer RealPage (RP) slumped 2% in heavy volume, paring an earlier 6% loss. RealPage cleared a 23.48 buy point in a six-week cup on Sept. 18, but volume was weak and the stock’s decline early Monday triggered the 8% sell rule.
Ocwen Financial (OCN) slipped 2% in modest volume, but the buyer and servicer of distressed mortgage loans remains out of an add-on buy range, 6% above a 52.35 buy point four-weeks-tight entry.
Meanwhile, drugmaker Actavis (ACT) dipped 1% in strong trade. But, like many leading stocks, it continues to hold up well despite the market’s recent turmoil. Actavis is just 1% off its recent high and is 7% past a 133.10 flat-base entry.
Other drug stocks fared better. Jazz Pharmaceuticals (JAZZ) climbed 2% to a new high in strong volume. It’s 3% above an 89.10 buy point from a three-weeks-tight pattern.
Walgreen (WAG) was down 1% ahead of its earnings report Tuesday. The drugstore chain was still nearly 5% above a 51.72 buy point.