Market Commentary and Intraday News
US stocks follow global markets lower
247 days ago
By MATTHEW CRAFT
AP Business Writer
(AP:NEW YORK) Signs of economic sluggishness are tugging stocks down in midday trading.
The Dow Jones industrial average is down 10 points to 13,567 shortly before noon on Thursday.
The government reported that 382,000 people applied for unemployment benefits last week, more than economists had expected. When applications consistently top 375,000, it suggests hiring is too weak to lower the unemployment rate.
Norfolk Southern sank 10 percent. The railroad said late Wednesday that falling coal prices and a drop in shipments will likely drag down quarterly earnings. That followed a warning from FedEx earlier this week that global trade had slumped to recession levels.
In other trading, the Standard & Poor's 500 index fell four points to 1,457, and the Nasdaq composite index dropped 11 points to 3,171.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.