Stocks Waver After Weak Economic Data

Stocks slipped into negative territory after a flat open on Thursday following a batch of weaker-than-expected economic reports  The Dow Jones Industrial Average lately fell 59.79 points at 12,360.07. The S&P 500 was down 9.70 points, at 1,303.62. The Nasdaq Composite was off 25.0 points to 2,812.35.

The number of people who applied for unemployment benefits last week rose to the highest level in more than a month, the government reported Thursday, in another sign the U.S. labor market is not improving as fast as it was earlier in the year. Jobless claims rose by 10,000 to a seasonally adjusted 383,000 in the week ended May 26, the U.S. Labor Department said Thursday.

The U.S. economy ran into a deeper soft patch in the first quarter than initially estimated, a government report showed on Thursday. The Commerce Department estimated that the economy grew at a 1.9% pace in the first quarter, slower than the 2.2% rate initially reported.

Wal-Mart said late Wednesday it is suspending membership in the American Legislative Council (ALEC), which the retailer joined in 1993. ALEC sparked controversy recently because of its involvement in voting laws and in “stand your ground” gun laws, including the one under scrutiny in the Florida killing of unarmed 17-year-old Trayvon Martin in February.

Ford Motor Co will pursue its boldest attempt yet to tackle a nearly $50 billion risk to its business when it begins offering lump-sum pension payout offers to 98,000 white-collar retirees and former employees this summer.

Homes in some stage of foreclosure accounted for more than one in four home sales during the first three months of the year, according to a report released Thursday. Distressed properties that were either in default, scheduled for auction or bank-owned accounted for 26% of all residential sales during the first quarter, up from 22% in the previous quarter and 25% a year earlier, RealtyTrac said.

Oil futures edged lower Thursday, set to extend their decline to a third-straight session. Oil futures edged lower Thursday, set to extend their decline to a third-straight session.






Leave a Reply