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Stocks open lower after rise in jobless claims

August 23, 2012|By Andrew Tangel
  • Trader Randy Beller, right, works on the floor of the New York Stock Exchange.
Trader Randy Beller, right, works on the floor of the New York Stock Exchange. (Richard Drew / Associated…)

Stocks slid in early trading on Wall Street today following an unexpected rise in jobless claims last week, another sign of the labor market's sluggish recovery.

The Dow Jones industrial average lost 82 points, or 0.6%, to 13,091 shortly after the opening bell.

The broader Standard & Poor's 500 index lost 8 points, or 0.6%, to 1,406. The Nasdaq was down 20 points, or 0.7%, to 3,054.

The U.S. Department of Labor reported initial jobless claims stood at a seasonally adjusted 372,000 last week, up 4,000 from the previous week's 368,000.

Downbeat data could push the Federal Reserve closer to injecting more monetary stimulus into the economy, which would likely push up stock values.

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