Thu, July 01, 2010
Business > Markets

U.S. stocks extend losses on disappointing economic data

2010-07-01 23:05:10 GMT2010-07-02 07:05:10 (Beijing Time)  Xinhua English

NEW YORK, July 1 (Xinhua) -- U.S. stocks extended losses on Thursday as data from job, housing and even manufacturing market failed to meet expectations.

The Labor Department said on Thursday that the number of people filing initial claims for jobless benefits increased by 13,000 to 472,000 in the week ended June 26, while economists were expecting a small decline.

Data from the Institute for Supply Management, an industry trade group, showed its manufacturing index slipped to 56.2 this month from 59.7 in May. Although the number still signals growing, it was lower than market anticipation.

The Dow Jones industrial average was down 41.49 points, or 0.42 percent, to 9,732.53. The Standard & Poor's 500 index fell 3.33 points, or 0.32 percent, to 1,027.38 and the Nasdaq was down 7.88 points, or 0.37 percent, to 2,101.36.

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