Stocks Slip after Economic Reports

U.S. stocks opened lower on Thursday, as investors weighed a weaker-than-expected reading on durable-goods orders and an economic report that a rise in weekly jobless claims was less than anticipated. The Dow Jones Industrial Average lately dropped 93.79 points, or 0.54%, to 17,116.27. The S&P 500 fell 12.50 points, or 0.63%, to 1,985.80. The Nasdaq Composite declined by 32.82 points, or 0.72%, to 4,522.40.

The number of people seeking U.S. unemployment benefits increased last week after falling sharply two weeks ago. Despite the rise, the level of applications remains near pre-recession levels, a sign that hiring will likely remain healthy. Weekly unemployment benefit applications rose 12,000 to a seasonally adjusted 293,000, the Labor Department said Thursday.

Business orders for long-lasting manufactured goods fell by a record amount in August, dragged lower by a plunge in demand for commercial aircraft.Orders for durable goods fell 18.2 percent in August following a 22.5 percent increase in July, the Commerce Department reported Thursday.

The U.S. Federal Reserve may start raising rates around the spring of 2015, at the earlier end of market expectations, Richard Fisher, president of the Federal Reserve Bank of Dallas said on Thursday.