YAHOO [BRIEFING.COM]: For the second straight session stocks saw a relatively solid start turn into a loss, but this time the financial sector joined the broader market in negative territory.

The major indices opened higher following a smaller-than-expected weekly initial jobless claims tally of 550,000. Though continuing claims were more-than-expected at 6.31 million, up from the previous week, the overall reaction to the data was moderately positive.

With jobless claims still at uncomfortable levels, participants await the government's nonfarm payrolls report for July in order to get an updated read on the employment picture. The report is due tomorrow morning before the opening bell. There was some chatter that recent payrolls numbers could show a major, negative revision, but the CNBC reported that official statistic sources said revisions that may occur will be reported in February.

Financials finished 0.7% lower after logging gains in each of the five previous sessions. Multiline insurers (+1.3%) provided a supportive boon for the sector, but general weakness in the rest of the sector caused it to underperform. The sector had actually been up more than 1% in the early going.

Industrials made up the only sector to hold its initial gains into the close. It finished 0.6% higher. Utilities comprised the only other sector to log a gain; it garnered support into the close to finish with a 0.2% gain.

Tech lagged for the entire session as Cisco Systems (CSCO 22.31, +0.14) underperformed during morning trade. However, the company was able to recover in afternoon trading and close with a gain. The company posted last evening better-than-expected quarterly earnings, but issued an uninspiring revenue forecast during its conference call.

Other earnings announcements were generally met with little reaction. July same-store sales results for retailers were largely unimpressive, as well, but upside guidance from Gap (GPS 18.14, +1.37), Kohl's (KSS 51.02, +1.51), and Macy's (M 15.01, +0.79) helped push the group up 1.1%. That essentially erased the group's losses during the past two sessions.

Despite two consecutive losses, the broader market is still up 1% week-to-date. Should the gains hold through Friday's action, the stock market will have logged four consecutive weekly advances.DJ30 -24.71 NASDAQ -19.89 NQ100 -0.9% R2K -1.5% SP400 -0.8% SP500 -5.64 NASDAQ Adv/Vol/Dec 816/2.43 bln/1812 NYSE Adv/Vol/Dec 1147/1.38 bln/1878