Stocks Slide After Unemployment Claims Jump

NEW YORK (AP)   Stocks slid Thursday after claims for unemployment benefits rose unexpectedly for the first time in three weeks.

The Labor Department said Thursday that 412,000 people applied for unemployment benefits last week. Economists expected claims to fall.

Applications for benefits peaked at 659,000 during the recession and have dropped by roughly six percent in the past four months.

Ford Motor Co. fell two percent. The car maker announced that it was expanding its recall of its F-150 pickup truck because of a problem with air bags. Ford’s F-Series truck is the best-selling vehicle in the United States.

The Dow Jones industrial average fell 29 points, or 0.3 percent, to 12,240. The Standard & Poor’s 500 index fell 4, also 0.3 percent, to 1,310. The Nasdaq composite fell 12, or 0.4 percent, to 2,749.

The three major indexes remain lower for both the week and month.

Financial stocks fell. Goldman Sachs dropped 2.8 percent after Sen. Carl Levin, D-Mich., said that a panel he leads has found new evidence that shows Goldman misled investors. Levin also raised doubts about the testimony given last year by Goldman executives.

Among companies reporting earnings, toy maker Hasbro Inc. fell three percent after reporting that its first-quarter profits slumped 71 percent. The results fell short of analysts’ estimates.

Grocery chain Supervalu said quarterly profits and sales fell compared with a year ago. Analysts expected earnings to be worse. Supervalu rose 13 percent.

Google Inc. will report earnings after the market closes.

Data-storage company Iron Mountain rose three percent. Iron Mountain replaced its CEO after the hedge fund Elliott Management called for a strategic review of the business.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. TT says:

    i’ll bet Gas stock went up – and at he end of the year – i bet they show billions in profit – at our expense….

  2. ILLEGALS says:

    http://www.usatoday.com/money/economy/employment/2011-04-13-more-americans-leave-labor-force.htm?loc=interstitialskip

    The ACTUAL Unemployment Figure is roughly 60%.. Don’t believe whatever the US Government tells you..

  3. ILLEGALS says:

    http://www.usatoday.com/money/economy/employment/2011-04-13-more-americans-leave-labor-force.htm?loc=interstitialskip

    Link above provides details of REAL Unemployment Figures, NOT the BS Government forecast or estimated figures but the Actual #.

    Government always give us a bogus high forecast & when the actual unemployed # each month is LOWER than their Estimate, they call it an “ECONOMIC RECOVERY”.

    And when people USED up all their 99 weeks of unemployment benefits & no longer qualify for any more extensions & fell right out of statistics, the unemployed # goes down, & the Government called it, “JOB GROWTH”.

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