Major Averages Stuck In The Red In Mid-Day Trading

(RTTNews) - While selling pressure has remained relatively subdued, stocks are seeing modest weakness in mid-day trading on Friday. A negative reaction to the monthly jobs report is weighing on the markets, although the major averages are hanging on to the bulk of yesterday's strong gains.

Most of the major sectors are showing only modest moves, although considerable weakness is visible among electronic storage stocks. Reflecting the weakness in the storage sector, the NYSE Arca Disk Drive Index is down by 1.2 percent.

Quantum (QTM) has helped to lead the storage sector lower, falling by 3.1 percent after reporting its fiscal first quarter results.

Trucking stocks have also come under pressure on the day, giving back some ground after ending the previous session sharply higher. The Dow Jones Trucking Index is down by 1.1 percent after jumping 3.8 percent to a record closing high on Thursday.

Notable weakness has also emerged among semiconductor stocks, as reflected by the 1.1 percent loss being posted by the Philadelphia Semiconductor Index.

Meanwhile, housing stocks have shown a strong move to the upside on the day, driving the Philadelphia Housing Sector Index up by 1.3 percent. MDC Holdings (MDC) and Ryland Group (RYL) are turning in two of the housing sector's best performances.

The major averages have climbed well off their lows for the session but currently remain in the red. The Dow is down 32.47 points or 0.2 percent at 15,595.55, the Nasdaq is down 2.21 points or 0.1 percent at 3,673.53 and the S&P 500 is down 2.96 points or 0.2 percent at 1,703.91.