US stocks lower amid weak economic data
US stocks edged lower Thursday as the latest string of weak economic data overshadowed better-than-expected corporate earnings.
The US Labor Department said that the number of people applying for jobless benefits declined 2,000 to a seasonally adjusted 386,000, Xinhua reported.
Investors felt disappointed not only because the initial claims was much higher than analysts had expected but also because the slight improvement was the previous week's number revised higher than originally reported.
Adding to the pressure, sales of previously owned US homes in March unexpectedly fell for the third time in the last four months, showing an uneven recovery in the housing market.
On the earnings front, Morgan Stanley reported a first-quarter loss of 94 million dollars and Bank of America released lower earnings for the first quarter, but they still beat Wall Street estimates.
In midday trading, the Dow Jones industrial average lost 33.08 points, or 0.25 percent, at 12,999.67. The Standard Poor's 500 was down 3.73 points, or 0.27 percent, to 1,381.41. The Nasdaq Composite Index dropped 2.18 points, or 0.07 percent, to 3,029.27.
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