India, Jan. 22 -- Stocks staged a recovery attempt after an initial move to the downside but are mostly lower in morning trading on Friday. The weakness on the day comes on the heels of the strength seen over the past few sessions, with the Nasdaq pulling back off a record closing high.

Currently, the major averages remain in the red. The Dow is down 246.17 points or 0.8 percent at 30,929.84, the Nasdaq is down 36.00 points or 0.3 percent at 13,494.91 and the S&P 500 is down 19.03 points or 0.5 percent at 3,834.04.

Profit taking has contributed to the weakness on Wall Street, as some traders look to cash in on the recent run to new record highs.

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