News Column

Markets Down on Employment Outlook

Feb 7, 2013

U.S. markets dropped Thursday following declines in Asia and Europe and a report that showed U.S. unemployment benefit claims higher than expected.

The Labor Department said initial filings for unemployment benefits dropped by 5,000 to 366,000. But that was less than half the decline economists had predicted.

In early afternoon trading, the Dow Jones industrial average lost 56.87 points or 0.41 percent to 13,929.65. The Nasdaq composite index lost 16.26 points or 0.51 percent to 3,152.22. The Standard & Poor's 500 shed 5.68 points or 0.38 percent to 1,506.44.

The 10-year treasury note rose 5/32 to yield 1.947 percent.

Against the dollar, the euro fell to $1.3394 from Wednesday's $1.3523. The dollar fell to 93.46 yen from 93.64 yen.

In Tokyo, the Nikkei 225 index dropped 106.68 points, 0.93 percent, to 11,357.07.

In London, the FTSE 100 index shed 1.06 percent, 66.92, to 6,228.42.

Source: Copyright United Press International 2013

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