Weak Employment Data Contributes To Initial Weakness On Wall Street - U.S. Commentary

(RTTNews) - Stocks moved sharply lower at the start of trading on Thursday, with the major averages moving back to the downside after ending the previous session moderately higher. The initial weakness reflected a negative reaction to the latest employment data.

Before the open, the Labor Department released a report showing that employment fell by much more than expected in the month of June, with the continued job losses pushing the unemployment rate up to a nearly twenty-six year high of 9.5 percent.

Resource stocks are seeing considerable weakness in early trading, with gold stocks posting particularly steep losses after moving sharply higher on Wednesday. Healthcare provider, biotechnology, and real estate stocks are also posting notable losses.

The major averages have seen some further downside in the past few minutes, falling to new lows for the young session. The Dow is currently down 153.49 at 8,350.57, the Nasdaq is down 40.36 at 1,805.36 and the S&P 500 is down 17.69 at 905.64.

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