Stocks Slide After Carving Out 1997 Lows
Thu Jul 11, 9:50 AM ET
NEW YORK (Reuters) - Stocks opened lower on Thursday as signs of rising unemployment hit the market a day after key indexes sank to 1997 lows amid mounting worry over corporate earnings, accounting scandals and global instability.
Economic data ahead of the open gave little solace to investors with one report showing a small uptick in producer level inflation and another showing the weekly number of Americans lining up for first time jobless benefits rising to the highest level in six weeks.
The Dow Jones industrial average <.DJI> opened 73.65 points lower, or 0.84 percent, to 8,739.85. On Wednesday it posted its largest one-day percentage loss since September 2001.
The tech-loaded Nasdaq Composite <.IXIC> lost 6.28 points, or 0.47 percent, to 1,339.73. It ended Wednesday at its lowest level since May 1997. The broad S&P 500 index <.SPX> lost 2.09 points, or 0.23 percent, to 918.38, after hitting its lowest level since October 1997 at Wednesday's close.
The number of initial jobless claims rose by 16,000 to a seasonally adjusted 403,000 for the week ended July 6, the Labor Department ( news - web sites) said. The report showed little change in a weakened labor market as the economy slowly recovers.
story.news.yahoo.com |
