After big selloff, U.S. stocks continue slide

Traders work on the floor of the New York Stock Exchange on August 1, 2014 in New York City. Spencer Platt, Getty Images

U.S. stocks are moving lower for a second straight day despite federal data showing solid employment gains in July.

In early afternoon trade, the Dow Jones industrial average lost 112 points, or 0.7 percent, to 16,452, after plunging more than 300 points on Thursday. The broader Standard & Poor's 500 and Nasdaq composite indexes also fell.

Bond prices climbed, with the yield on the 10-year Treasury note declining 6 basis points to 2.50 percent, according to Bloomberg.

Employers added 209,000 jobs in July, according to the U.S. Labor Department's latest employment report. That fell short of analyst forecasts of 225,000, but represents the sixth straight month that the economy has added at least 200,000 jobs.

The nation's unemployment rate edged up to 6.2 percent, from 6.1 percent, as more people looked for work last month.

Separately, consumer confidence fell slightly in July as people expressed more modest expectations for their financial prospects this year. Overall, however, Americans have been more upbeat in recent months amid a stronger job market, falling gas prices and easing food price inflation, said Chris Christopher Jr., director of consumer economics with IHS, in a research note.

Consumer sentiment inched down in July due to a higher level of pessimism in consumer expectations. However, consumers have been slightly more upbeat on current economic circumstances since job prospects seem brighter, food price inflation has started to calm down, and pump prices have fallen.

  • Alain Sherter On Twitter»

    Alain Sherter is an award-winning business journalist who has written for The Deal, MarketWatch and Thomson Financial Media.

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