Investing.com - U.S. stocks closed lower Thursday, following disappointing U.S. jobless data, while investors awaited indications that Spain is moving closer to a bailout ahead of a European Union summit meeting.
At the close of U.S. trade, the Dow Jones Industrial Average fell 0.06%, the S&P 500 index declined 0.24%, while the Nasdaq Composite index dropped 1.01%.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase to 365,000.
The previous week’s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.
Meanwhile, investors remained cautious as European Union leaders gathered for a two-day summit in Brussels, although no major announcements on Spain or Greece were expected.
In the financial sector, Morgan Stanley saw shares drop 0.48%, although it reported quarterly earnings and revenue that beat analysts' expectations.
The U.S. lender's counterparts were broadly lower as well, as shares in JP Morgan dipped 0.09% and Bank of America edged down 0.11%, while Goldman Sachs and Citigroup dropped 0.46% and 0.49% respectively.
Elsewhere, medical-devices company Stryker tumbled 1.02% after Oppenheimer & Co. downgraded the shares to market-perform, the equivalent of hold, from outperform.
On Wednesday, the company said it expects 2013 earnings excluding some items of USD4.25 to USD4.40, an increase of 5% to 8% from 2012. Stryker had previously forecast a growth of at least 10% .
On the upside, Verizon Communications rose 0.38%after reporting results early Thursday, posting revenue that was slightly above expectations. The company also said that it was on track to meet its 2012 goals.
Travelers added to gains, with shares surging 3.38% after the company posted earnings that topped expectations, while revenue fell slightly short.
Google inadvertently released early earnings missing estimates sending shares spiraling downward 8% on the session.
At the close of European trade, the EURO STOXX 50 gained 0.17%, France’s CAC 40 climbed 0.22%, while Germany’s DAX 30 added 0.58%.
Investors are awaiting the U.S. existing home sales and the Canadian core CPI numbers on Friday.
At the close of U.S. trade, the Dow Jones Industrial Average fell 0.06%, the S&P 500 index declined 0.24%, while the Nasdaq Composite index dropped 1.01%.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase to 365,000.
The previous week’s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.
Meanwhile, investors remained cautious as European Union leaders gathered for a two-day summit in Brussels, although no major announcements on Spain or Greece were expected.
In the financial sector, Morgan Stanley saw shares drop 0.48%, although it reported quarterly earnings and revenue that beat analysts' expectations.
The U.S. lender's counterparts were broadly lower as well, as shares in JP Morgan dipped 0.09% and Bank of America edged down 0.11%, while Goldman Sachs and Citigroup dropped 0.46% and 0.49% respectively.
Elsewhere, medical-devices company Stryker tumbled 1.02% after Oppenheimer & Co. downgraded the shares to market-perform, the equivalent of hold, from outperform.
On Wednesday, the company said it expects 2013 earnings excluding some items of USD4.25 to USD4.40, an increase of 5% to 8% from 2012. Stryker had previously forecast a growth of at least 10% .
On the upside, Verizon Communications rose 0.38%after reporting results early Thursday, posting revenue that was slightly above expectations. The company also said that it was on track to meet its 2012 goals.
Travelers added to gains, with shares surging 3.38% after the company posted earnings that topped expectations, while revenue fell slightly short.
Google inadvertently released early earnings missing estimates sending shares spiraling downward 8% on the session.
At the close of European trade, the EURO STOXX 50 gained 0.17%, France’s CAC 40 climbed 0.22%, while Germany’s DAX 30 added 0.58%.
Investors are awaiting the U.S. existing home sales and the Canadian core CPI numbers on Friday.