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Wall Street declines after weak reports on gross domestic product, jobless claims

Wall Street declines after weak reports on gross domestic product, jobless claims

Wall Street fell in early trading Thursday after a pair of reports showed that the economy nearly stalled in late 2007 and that unemployment claims rose last week.
Investors were disappointed to see the Commerce Department report saying fourth-quarter gross domestic product rose by a smaller-than-expected annual rate of 0.6 percent. And separately, the Labor Department reported that first-time unemployment claims rose last week by 19,000 to 373,000, the highest level since late January.
The data bolstered investors' concern that the U.S. economy is weakening sharply _ and those worries escalated further Thursday when the dollar dipped to a new low against the 15-nation euro.
In the first hour of trading, the Dow Jones industrial average dropped 82.30, or 0.65 percent, to 12,611.98.
Broader stock indicators were also lower. The Standard & Poor's 500 index declined 7.84, or 0.57 percent, to 1,372.18, and the Nasdaq composite index lost 10.74, or 0.46 percent, to 2,343.04.


Updated : 2020-12-05 07:32 GMT+08:00