(RTTNews) - Stocks showed a notable decline at the start of trading on Thursday, with the major averages seeing some further downside after ending the previous session in the red. Disappointing employment data contributed to the initial weakness.

Before the start of trading, the Labor Department released a report showing that first-time claims for unemployment benefits unexpectedly jumped to their highest level in over twenty-six years in the week ended January 31st.

Banking stocks are helping to lead the markets lower in early trading, extending a recent downward move. Significant weakness has also emerged among real estate, oil service, and computer hardware stocks, while gold stocks are bucking the downtrend.

The major averages have edged up off their lows for the young session in the past few minutes, although they remain firmly negative. The Dow is currently down 44.52 at 7,912.14, the Nasdaq is down 11.72 at 1,503.33 and the S&P 500 is down 6.40 at 825.73.

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Posted in Categories: Economy, Releases, USA.

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