NEW YORK (AP) — Stocks remained in a holding pattern Thursday. Major indexes edged lower after a report that showed the jobs market is maintaining a slow, but steady, recovery failed to inspire investors.
The Dow Jones industrial average fell 35 points to 13,951 as of 9:53 a.m. The Standard and Poor's 500 fell one point to 1,511 and the Nasdaq composite dropped three points to 3,166.
Fewer Americans sought unemployment benefits last week, a sign that layoffs are easing. Applications for unemployment benefits fell 5,000 to 366,000. Worker productivity also shrank in the final three months of 2012, although the decline was caused by temporary factors.
News Corp. fell 61 cents to $27.62 after the media conglomerate cut its forecast for annual earnings. The company said weakness at several businesses, including its Fox broadcast network, would offset a gain in earnings in the most recent quarter. Auto parts retailer O'Reilly Automotive surged $8.78 to $101.30 after it reported earnings late Wednesday that beat analysts' forecasts.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
