RTTNews - Stocks are seeing some strength in late morning trading on Friday, although the major averages are well off the highs set in early trading. The markets have experienced considerable volatility following the release of the latest employment data.
While a report released by the labor Department before the start of trading showed a much smaller than expected decrease in jobs in the month of May, the report also showed that the unemployment rate jumped more than expected to a new 25-year high.
Defense stocks are turning in some of the market's best performances following some positive analyst comments, while steel and railroad stocks are also posting notable gains. On the other hand, gold, biotech, and semiconductor stocks remain under pressure.
The major averages have moved to the downside in the past few minutes, with the tech-heavy Nasdaq slipping back below the unchanged line. While the Nasdaq is down 0.90 at 1,849.12, the Dow is up 31.89 at 8,782.13 and the S&P 500 is up 1.77 at 944.23.
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