Major Averages Close Firmly In Negative Territory

(RTTNews) - Stocks moved notably lower over the course of the trading day on Thursday, adding to the modest losses posted in the previous session. Disappointing service sector data weighed on the markets along with the ongoing government shutdown.

Commercial real estate stocks turned in some of the market's worst performances on the day, dragging the Morgan Stanley REIT Index down by 1.8 percent. With the loss, the index fell to its lowest closing level in almost a month.

HCP, Inc. (HCP) helped to lead the real estate sector lower, with the healthcare real estate investment trust falling by 4.7 percent after announcing that James Flaherty has been terminated as Chairman, President and CEO.

Significant weakness was also visible among trucking stocks, as reflected by the 1.6 percent loss posted by the Dow Jones Trucking Index. YRC Worldwide (YRCW) posted a steep loss.

Housing stocks also saw considerable weakness on the day, resulting in a 1.5 percent drop by the Philadelphia Housing Sector Index.

Brokerage, internet, and utilities stocks also came under pressure, moving lower along with most of the other major sectors.

The major averages moved roughly sideways going into the close, stuck firmly in negative territory. The Dow tumbled 136.66 points or 0.9 percent to 14,996.48, the Nasdaq slid 40.68 points or 1.1 percent to 3,774.34 and the S&P 500 fell 15.21 points or 0.9 percent to 1,678.66.