(RTTNews) - Stocks moved sharply lower at the start of trading on Thursday, with the major averages all moving firmly into negative territory after ending the previous session moderately higher. Lingering concerns about the financial sector contributed to the initial weakness.

Traders have largely shrugged off a report from the Commerce Department showing an unexpected increase in retail sales in the month of January, as the sales growth was likely the result of significant discounts by retailers following the weak holiday shopping season.

Banking stocks are helping to lead the way lower after seeing significant strength in the previous session, as traders continue to express concerns about the outlook for the sector. Real estate, steel, and housing stocks are also posting steep losses.

In the past few minutes, the major averages have edged up off their lows for the young session, although they remain sharply lower. The Dow is currently down 149.89 at 7,789.64, the Nasdaq is down 22.17 at 1,508.33 and the S&P 500 is down 16.34 at 817.40.

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Posted in Categories: Economy, Releases, USA.

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