Major Averages Close Modestly Lower, Well Off Worst Levels

(RTTNews) - After coming under pressure in early trading on Wednesday, stocks climbed well off their worst levels of the day but still ended the session in the red. The ongoing government shutdown contributed to the lower close along with disappointing jobs data.

While most of the major sectors ended the session off their worst levels, considerable weakness remained visible among brokerage stocks. The NYSE Arca Broker/Dealer Index fell by 1 percent to its lowest closing level in almost a month.

Investment Technology Group (ITG), Raymond James (RJF) and FXCM Inc. (FXCM) turned in some of the brokerage sector's worst performances.

Airline stocks also came under pressure on the day, dragging the NYSE Arca Airline Index down by 1 percent. Republic Airways (RJET) posted a particularly steep loss after helping to lead the sector higher on Tuesday.

Concerns about the impact of the government shutdown also weighed on defense stocks, while some strength emerged among electronic storage, steel, and healthcare provider stocks.

The major averages moved to the upside going into the close but still posted modest losses on the day. The Dow fell 58.56 points or 0.4 percent to 15,133.14, while the Nasdaq edged down 2.96 points or 0.1 percent to 3,815.02 and the S&P 500 slipped 1.13 points or 0.1 percent to 1,693.87.