Stocks Seeing Substantial Weakness In Early Trading - U.S. Commentary

(RTTNews) - Stocks moved sharply lower at the start of trading on Friday, with the major averages seeing some further downside after closing lower in the seven previous sessions. Lingering concerns about the global economy contributed to the initial downward move.

Resource stocks are helping to lead the way lower amid concerns about the outlook for demand, with steel stocks posting particularly steep losses. Significant weakness has also emerged in the retail, brokerage, and utilities sectors.

The major averages have continued to move lower in the past few minutes, pulling back to new lows for the young session. The Dow is currently down 509.35 at 8,069.84, the Nasdaq is down 84.26 at 1,560.86 and the S&P 500 is down 39.36 at 1,870.56.

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