(RTTNews) - With traders showing a mixed reaction to the latest employment report, stocks have shown a lack of direction in morning trading on Friday. The major averages have been bouncing back and forth across the unchanged line after ending the previous session sharply higher.

The choppy trading comes as traders digest a report from the Labor Department showing that a continued drop in employment drove the unemployment rate up to a new twenty-six year high in October. At the same time, the trend in job losses continues to show a slowdown.

While a majority of the major sectors have moved to the downside, selling pressure has remained relatively subdued. Nonetheless, some commercial real estate, healthcare provider, and banking stocks are posting notable losses.

On the other hand, gold stocks are posting significant gains, as the price of the precious metal has risen to a new record high. Some strength is also visible among airline and retail stocks.

The major averages have moved to the downside in the past few minutes and are currently posting modest losses. The Dow is currently down 17.83 at 9,988.13, the Nasdaq is down 3.18 at 2,102.14 and the S&P 500 is down 2.07 at 1,064.56.

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Posted in Categories: Economy, Releases, USA.

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