Stocks Opened Lower after Economic Data

U.S. stocks opened lower on Thursday as investors contemplated the impact weaker-than-expected gross domestic product data and weekly jobless claims. The Dow Jones Industrial Average lately declined 27.76 points, or 0.16%, to 17,751.76. The S&P 500 fell 2.67 points, or 0.13%, to 2,087.68. The Nasdaq Composite was down 18.21 points, or 0.36%, to 5,077.48.

The number of Americans filing new applications for unemployment benefits rose marginally and the underlying trend continued to point to a fairly healthy labor market. Initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 260,000 for the week ended Oct.24, the Labor Department said on Thursday.

U.S. economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut. Gross domestic product increased at a 1.5 percent annual rate after expanding at a 3.9 percent clip in the second quarter, the Commerce Department said on Thursday.

Deutsche Bank on Thursday said it would reduce its workforce by some 9,000 full-time jobs by 2020 and close operations in 10 countries. About 6,000 external contractor positions will also be scrapped by 2020. In addition, the bank plans to dispose of assets with a total cost base of approximately 4 billion euros and 20,000 jobs over the next 24 months. Those assets include its Postbank retail bank.

MGM Resorts International said Thursday it plans to form a real-estate investment trust as the casino operator also reported that it swung to a profit for the third quarter. MGM Resorts reported a profit of $66.4 million, or 12 cents a share, compared with a year-earlier loss of $20.3 million, or four cents a share. Revenue decreased 8.2% to $2.28 billion.

ConocoPhillips (COP) reported on Thursday a third-quarter loss of $1.1 billion, or 8 cents a share, compared with a profit of $2.7 billion, or $2.17 a share, in the same period a year ago.

Aetna joined a growing list of health insurers topping Wall Street’s quarterly profit expectations. It also raised its 2015 forecast again, saying Thursday that it now expects adjusted earnings to range between $7.45 and $7.55 per share. In the third quarter, Aetna’s net income slid 6 percent to $560.1 million from $594.5 million in last year’s quarter.

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