Market Paring Losses (DJIA, SPX, X, AA, FCX)

The major indices are paring losses after a disappointing jobs report sent the market down nearly 1% at the open. The Dow (DJIA) is now down a modest 29 points after plunging nearly 100 in the first few minutes of trading. The S&P 500 (SPX) is down 3.66 points, or 0.33%, to 1,122. The S&P held support at the 1,115 level. Materials stocks are outperforming today. U.S. Steel X is higher by by 33 cents, or 0.69%, to $48.00. Alcoa AA and Freeport-McMoRan FCX are higher by 1% and 2%, respectively. The move in materials is being helped by a weaker dollar. The greenback is lower by almost 1% against the euro, no doubt in part to the weak non-farm payrolls report for July. Traders are perhaps positioning for quantitative easing part II, which will significantly weaken the dollar while boosting commodities.