Stocks Start 2014 on a Down Note

U.S. stocks opened slightly lower on Thursday, the first trading day of the new year, after posting their best gains in over a decade in 2013. The Dow Jones Industrial Average lately was down 87.59 points, or 0.53%, at 16,489.07. The S&P 500 was down 10.19 points, or 0.55%, at 1,838.17. The Nasdaq Composite was off 31.18 points, or 0.75%, at 4,145.41.

U.S. manufacturing ended the year on a high note, growing in December at its fastest pace in 11 months. Financial data firm Markit said its final U.S. Manufacturing Purchasing Managers Index rose to 55.0 last month, beating November’s 54.7 reading and an initial December estimate of 54.4. A reading above 50 indicates expansion.

The number of Americans applying for unemployment benefits fell slightly in the last week of 2013, suggesting that the U.S. labor market remains on a path of gradual improvement. In the seven days ended Dec. 28, initial jobless claims dropped by 2,000 to 339,000, the Labor Department said Thursday.

Macy’s and Martha Stewart Living Omnimedia have resolved their legal battle over Stewart’s move to sell products at rival J.C. Penney, the companies announced on Thursday.

Wal-Mart Stores Inc, the world’s largest retailer, has recalled donkey meat sold at some outlets in China after tests showed the product contained the DNA of other animals, the U.S. company said.