Market Commentary and Intraday News

Stocks Pull Back Well Off Early Highs - U.S. Commentary

227 days ago

(RTTNews) - After failing to sustain an early upward move, stocks have drifted back to the downside over the course of the trading day on Friday. The major averages have pulled back well off their highs for the session, with the Nasdaq dipping into negative territory.

While a positive reaction to the monthly jobs report helped to drive stocks higher in early trading, buying interest remained relatively subdued amid lingering economic uncertainty.

The report showed that the unemployment rate unexpectedly fell to an over three-year low of 7.8 percent in September, although some were disappointed with the relatively modest increase of 114,000 jobs.

Despite the pullback by the broader markets, significant strength remains visible among trucking stocks. The Dow Jones Trucking Index is up by 1.3 percent after reaching its best intraday level in almost three months earlier in the session.

Housing, defense, and railroad stocks are also holding on to notable gains, while considerable weakness has emerged among healthcare provider stocks.

The tech-heavy Nasdaq has recently bounced off its low for the session but remains in the red. While the Nasdaq is down 0.57 points or less than a tenth of a percent at 3,148.89, the Dow remains up 42.99 points or 0.3 percent at 13,618.35 and the S&P 500 is up 2.95 points or 0.2 percent at 1,464.35.

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