- Two men accused of selling meth to undercover cop (6/22/17)
- Cape man stabbed in head, arm after strip-club incident; skull fractured, police say (6/25/17)3
- Custom cuts: Local hairstylist provides free haircuts to special-needs children (6/26/17)3
- Police: Man grabbed wheel, tried to kill driver and himself in Jackson crash (6/23/17)
- Jackson scores high in survey of residents; better streets, Aldi are high priorities (6/20/17)4
- Annual SEMO District Fair event lineup announced (6/23/17)1
- Marble Hill mayor hires city manager without board approval (6/21/17)4
- Oran town board fired officer before hiring him as police chief; city officials say they can't remember reason for firing (6/25/17)2
- Playing with fire (6/25/17)
- Two charged in theft of jewelry from Cape storage facility (6/23/17)1
Stocks end lower after unemployment claims rise
NEW YORK -- Stocks slipped Thursday after the government reported an increase in applications for unemployment benefits last week.
The Labor Department said Thursday that 409,000 people made claims for benefits for the first time. That's up 18,000 from the previous week, when applications fell to their lowest level in more than two years.
The report came a day after ADP estimated that companies added nearly 300,000 jobs last month, far more than the 100,000 economists expected. That pushed stock prices higher and Treasury prices lower as investors became more optimistic about the job market.
The most important news on the job market will arrive today when the Labor Department releases its monthly survey of all U.S. payrolls and the unemployment rate. Economists expect the rate fell to 9.7 percent in December from 9.8 percent the previous month.
"At worst unemployment is flat. At best it's coming down," said James O'Sullivan, chief economist at MF Global in New York.
MF Global is optimistic about the jobs report. Despite the increase in claims last week, O'Sullivan noted that the four-week average fell to 411,000, the lowest since July 2008.
Many retailers fell after reporting weaker sales in December. Target Corp. fell 7 percent to $54.93 and Gap Inc. fell 7 percent to $20.70. Macy's Inc. fell 4 percent to $23.97.
A blizzard in the Northeast hurt sales after Christmas. Retail sales were strong in November since many customers shopped earlier in the holiday season this year. Analysts still expect overall retail spending in November and December to increase by the largest amount since 2006.
The Dow Jones industrial average fell 25.58 points, or 0.2 percent, to close at 11,697.31.
The Standard & Poor's 500 index fell 2.71, or 0.2 percent, to close at 1,273.85. The Nasdaq composite index rose 7.69, or 0.3 percent, to 2,709.89.
Three stocks fell for every two that rose on the New York Stock Exchange. Consolidated volume was 5 billion shares.
Bond prices rose, sending their yields lower. The yield on the 10-year Treasury note fell to 3.40 percent from 3.46 percent late Wednesday. The yield is used to set interest rates on many kinds of loans including mortgages.
Constellation Brands Inc. fell 8 percent to $19.84 after the maker of Robert Mondavi wine and Svedka vodka said revenue fell 2 percent on weak wine sales.