Stocks Ended Modestly Lower amid Jobless Claims Report

U.S. stocks closed with modest losses Thursday, after report shows another 2 million unemployment claims filed last week. The Dow Jones Industrial Average fell around 101.78 points, or 0.41%, to 24,474.12. The S&P 500 gave up around 23.10 points, or 0.78%, to 2,948.51. The Nasdaq Composite declined 90.90 points, or 0.97%, to 9,284.88.

Oil futures ended higher on Thursday, as a slowdown in supplies and hope for higher demand help prices recover some of their recent losses. July West Texas Intermediate oil rose 43 cents, or 1.3%, to settle at $33.92 a barrel. Brent crude for July delivery added 31 cents, or 0.9%, to settle at $36.06 a barrel.

Total more than 4.4 million unemployed Americans applied for jobless benefits last week through the states or a temporary federal-relief program. First time filings for unemployment insurance totaled 2.44 million last week.

Existing home sales in plunged by the most since mid-2010 in April this year, the National Association of Realtors (NAR) said in its monthly report Thursday.

Federal Reserve officials are hanging up hopes for a V-shaped economy recovery, warning that the U.S. economy is at risk of suffering damage that could make for a bumpy road in the short to medium-term.

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