Stocks Extended Losses after Economic Data

U.S. stocks extended losses to a third straight session in the early trading on Thursday, after a pair of economic data released. The Dow Jones Industrial Average lately fell 83.64 points, or 0.33%, to 24,945.56. The S&P 500 dipped 7.57 points, or 0.28%, to 2,706.26. The Nasdaq Composite was down 28.50 points, or 0.39%, to 7,244.50.

Oil prices edged lower Thursday, extending losses after data showed a higher-than-expected rise in U.S. crude and gasoline stocks.
April West Texas Intermediate crude slipped 48 cents, or 0.8%, to $61.13 a barrel. May Brent UK:LCOJ8 fell 60 cents, or 0.9%, to $64.12 a barrel.

The rate of layoffs as measured by U.S. jobless claims fell to the lowest level since 1969, reflecting the strongest labor market since the end of the dotcom boom nearly two decades ago. Initial U.S. jobless claims fell by 10,000 to 210,000 in the seven days ended Feb. 24, the government said Thursday.

U.S. consumer prices increased in January, with a gauge of underlying inflation posting its largest gain in 12 months, bolstering views that price pressures will accelerate this year. The Commerce Department said consumer prices as measured by the personal consumption expenditures (PCE) price index rose 0.4 percent.

Americans lifted their spending just 0.2 percent in January, while their incomes jumped because of last year’s tax cuts. The Commerce Department said Thursday that the modest spending increase followed gains of 0.4 percent in December and 0.8 percent in November.

Best Buy Co Inc (BBY.N) reported a jump in quarterly comparable sales on Thursday that exceeded forecasts. Best Buy’s sales at established stores climbed 9 percent in the fourth quarter ended Feb. 3. The company’s revenue grew 14 percent to $15.36 billion, beating estimates for $14.5 billion.

Kohl’s Corp (KSS.N) on Thursday reported strong comparable sales fueled by robust holiday-season demand for activewear and online growth and issued a 2018 earnings outlook that topped expectations. Kohl’s same-store sales rose 6.3 percent in the fourth quarter ended Jan. 27. Kohl’s expects fiscal 2018 earnings per share of $4.95 to $5.45, on comparable sales growth of flat to 2 percent.