Major Averages Pull Back Into The Red After Moving Higher At The Open

(RTTNews) - While stocks moved moderately higher at the start of trading on Friday, buying interest waned not long after the open. The major averages have subsequently pulled back off their highs for the young session and into negative territory.

The pullback by the markets comes as traders digest the Labor Department's closely watched monthly employment report.

The report showed much weaker than expected jobs growth in the month of December, although it also showed that the unemployment rate fell to a new five-year low.

The data has led to some uncertainty about the outlook for the Federal Reserve's stimulus program, with the weak job growth raising questions about whether the central bank will continue to scale back its asset purchases.

Brokerage, banking, and networking stocks have come under pressure on the day, while strength remains visible among gold, trucking, and utilities stocks.

The major averages have seen some further downside in recent trading, sliding more firmly into the red. The Dow is down 56.16 points or 0.3 percent at 16,388.60, the Nasdaq is down 9.79 points or 0.2 percent at 4,146.40 and the S&P 500 is down 4.52 points or 0.3 percent at 1,833.61.