Major Averages Close Sharply Lower Following Mixed Jobs Data

(RTTNews) - Stocks moved mostly lower during trading on Friday following the release of the closely watched monthly employment report. The losses on the day came after the major averages ended the previous session on opposite sides of the unchanged line.

Most of the major sectors moved to the downside on the day, reflecting broad based selling pressure on Wall Street.

Steel stocks saw substantial weakness, dragging the NYSE Arca Steel Index down by 3.5 percent. Schnitzer Steel (SCHN), AK Steel (AKS), and U.S. Steel (X) turned in some of the sector's worst performances.

Considerable weakness also emerged among computer hardware stocks, as reflected by the 2.2 percent loss posted by the NYSE Arca Computer Hardware Index. Hewlett-Packard (HPQ) helped to lead the sector lower, falling by 3.4 percent.

Energy stocks also came under pressure on the day, moving lower along with the price of crude oil. Crude for October delivery slid $0.70 to $46.05 a barrel.

Housing, commercial real estate, chemical, and semiconductor stocks also saw notable weakness, while some airline stocks bucked the downtrend.

The major averages climbed off their worst levels late in the session but still closed firmly in the red. The Dow dropped 272.38 points or 1.7 percent to 16,102.38, the Nasdaq slid 49.58 points or 1.1 percent to 4,683.92 and the S&P 500 fell 29.91 points or 1.5 percent to 1,921.22.

For the week, the major averages all posted substantial losses. The Nasdaq tumbled by 3 percent, while the Dow and the S&P 500 plummeted by 3.2 percent and 3.4 percent, respectively.