NEW YORK – Stocks are modestly lower in early trading as news European leaders reached a long-awaited deal to help Greece with its growing debt crisis failed to inspire investors.
Stocks had rallied earlier in the week on expectations for the Greece bailout, which could be why the official announcement is having little impact on the market.
Investors were also reacting coolly Thursday to a Labor Department report that showed first-time claims for jobless benefits fell sharply last week. Newly laid-off workers seeking unemployment benefits fell by 43,000 to a seasonally adjusted 440,000.
The Dow Jones industrial average is down 39.30, or 0.4 percent, at 9,999.08. The Standard & Poor's 500 index is down 4.76, or 0.5 percent, at 1,063.37, while the Nasdaq composite index is down 7.29, or 0.3 percent, at 2,140.58.