Major Averages Move Back To The Downside Amid Government Shutdown Worries

(RTTNews) - After snapping a five-session losing streak in the previous session, stocks moved back to the downside during trading on Friday. Lingering concerns about the possibility of a government shutdown contributed to the pullback by the markets.

Steel stocks showed a significant move to the downside on the day, resulting in a 1.9 percent drop by the NYSE Arca Steel Index. The index pulled back further off the seven-month closing high it set last week.

Cliffs Natural Resources (CLF) and U.S. Steel (X) turned two of the steel sector's worst performances, falling by 3.8 percent and 3.1 percent, respectively.

Notable weakness was also visible among airline stocks, as reflected by the 1.9 percent loss posted by the NYSE Airline Index. With the loss, the index gave back ground after ending the previous session at its best closing level in well over six years.

Telecom, housing, and biotechnology stocks also came under pressure on the day, moving lower along with most of the other major sectors.

The major averages all ended the day in the red but well off their worst levels of the day. The Dow fell by 70.06 points or 0.5 percent to 15,258.24, the Nasdaq dipped 5.83 points or 0.2 percent to 3,781.59 and the S&P 500 slid 6.92 points or 0.4 percent to 1,691.75.

Despite the weakness seen for much of the week, the major averages turned in a mixed performance. The Nasdaq edged up by 0.2 percent, while the Dow and the S&P 500 fell by 1.2 percent and 1.1 percent, respectively.