Stocks Drop on Ukraine Conflict

U.S. stocks dropped in the early trading on Thursday as concern over the Ukraine crisis overshadowed data showing the economy expanded more than previously forecast in the second quarter. The Dow Jones Industrial Average lately shed 97.03 points, or 0.57%, to 17,024.98. The S&P 500 fell 7.86 points, or 0.39%, to 1,992.26. The Nasdaq Composite lost 18.77 points, or 0.41%, to 4,550.85.

The economy expanded even more rapidly than previously estimated in the second quarter, the government said Thursday. The nation’s gross domestic product grew at a 4.2% annual rate, vs. the surprisingly strong 4% pace initially believed, the Commerce Department said.

The number of Americans filing new claims for unemployment benefits fell for a second straight week last week. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 298,000 for the week ended Aug. 23, the Labor Department said on Thursday.