RTTNews - While selling pressure has waned from earlier in the session, stocks are seeing continued weakness in late morning trading on Thursday. The major averages remain stuck firmly in the red, as traders react to weaker than expected employment data.
The weakness in the markets come after the Labor Department said that U.S. employment fell by 467,000 jobs in June, exceeding economist estimates of a loss of about 365,000 jobs. The continued drop in employment pushed the unemployment rate up to 9.5 percent.
With the data raising concerns about the outlook for demand and contributing to a steep drop in the price of oil, oil service stocks are turning in some of the market's worst performances. The Philadelphia Oil Service Index is down 4.2 percent after hitting a two-month intraday low.
Significant weakness also remains visible in a variety of other sectors, with retail, health insurance, healthcare provider, and defense stocks posting substantial losses.
The major averages have moved roughly sideways in recent trading, although they are well off their lows for the session. The Dow is currently down 168.83 at 8,335.23, the Nasdaq is down 43.94 at 1,801.78 and the S&P 500 is down 20.10 at 903.23.
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