US Market Updates
7/2/2009 4:26 PM ET
(RTTNews) -
After moving sharply lower in early trading, stocks saw continued weakness throughout the trading day on Thursday. While the major averages did not see much follow through on their initial downward move, they remained stuck firmly in negative territory.
Much of the early selling pressure came as traders reacted to a report from the Labor Department showing that employment fell by more than expected in the month of June, raising some concerns about the outlook for the economy.
Significant weakness was visible in a variety of sectors, with energy stocks posting particularly steep losses amid a notable decline by the price of oil. Real estate, health insurance, and transportation stocks also experienced considerable weakness.
It is worth noting that trading on the New York Stock Exchange was extended until 4:15 pm ET in order to execute customer orders impacted by system irregularities.
The major averages saw some further downside going into the close, ending the session at their worst levels of the day. The Dow closed down 223.32 at 8,280.74, the Nasdaq closed down 49.20 at 1,796.52 and the S&P 500 is down 26.85 at 896.48.
by RTT Staff Writer
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