With traders digesting weak employment that came roughly in line with economist estimates, stocks are showing a lack of direction in early trading on Friday. The major averages are lingering near the unchanged line after closing higher in the three previous sessions.
Before the start of trading, the Labor Department said that non-farm payroll employment fell by 663,000 jobs in March, with the decrease coming roughly in line with estimates of a loss of 658,000 jobs. The unemployment rate also rose to 8.5 percent, in line with expectations.
While most of the major sectors are showing relatively modest moves, considerable strength has emerged in the wireless, natural gas, and computer hardware sectors. On the other hand, not weakness is visible in the gold and trucking sectors.
The major averages have moved to the upside in the past few minutes and are currently posting modest gains. The Dow is currently up 15.69 at 7,993.77, the Nasdaq is up 3.21 at 1,605.84 and the S&P 500 is up 1.72 at 836.10.
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