Small caps in the red as jobs decline
The Russell 2000 (NYSE:IWM) is in negative territory on news of a steep decline in March payrolls.
At 10.10 a.m. ET, the small-cap index was down 2.97 points, or 0.42%, to 710.60. The Dow Jones Industrial Average had lost 64.41 points, or 0.51%, to 12,561.62.
Payrolls decreased a more-than-expected 80,000 in March, the U.S. Labor Department reported before the opening. The unemployment rate jumped to 5.1%, the highest level in more than two years, from 4.8% in February.
The numbers confirm fears that economic growth has stalled. The same report also revised up the job losses for the previous two months.
Small-cap stocks opened in the red despite a surprising rise in futures in pre-market trading.
Among the losers is San Carlos, Calif.-based DemandTec Inc. (Nasdaq:DMAN). The provider of consumer demand management software reported after the close on Thursday that it suffered a fourth-quarter loss.
Elsewhere, shares of AZZ Inc. (NYSE:AZZ) are lower despite news before the opening that the maker of electrical equipment increased its fourth-quarter net income.
