U.S. stocks pared morning gains and ended in negative territory on Thursday, with the Dow finishing below 10,000, as enthusiasm over better-than-expected jobs data was offset by mounting concerns about the economy.
The Dow Jones industrial average shed 74.25 points, or 0.74 percent, to 9,985.81. It was the first time for the blue-chip index to end below the key 10,000-point psychological level since July 6.
The Standard & Poor s 500 index fell 8.11 points, or 0.77 percent, to 1,047.22 and the Nasdaq tumbled 22.85 points, or 1.07 percent, to 2,118.69.
Wall Street opened with modest gains on Thursday after new claims for unemployment benefits dropped more than expected, easing some concerns for a deteriorating jobs market.
The Labor Department said before the opening bell that the number of people filing for jobless benefits fell to 473,000 last week, after claims climbed above 500,000 for the first time since November a week earlier.
The Market was lifted after the data as economists were expecting a more modest drop to 490,000, however the gains were capped as the level of claims was still higher for a health economy.
What s more, the four-week average of new claims, which is considered a better measure of underlying labor market trends, rose 3,250 to 486,750, the highest since November.
The Dow Jones industrial average shed 74.25 points, or 0.74 percent, to 9,985.81. It was the first time for the blue-chip index to end below the key 10,000-point psychological level since July 6.
The Standard & Poor s 500 index fell 8.11 points, or 0.77 percent, to 1,047.22 and the Nasdaq tumbled 22.85 points, or 1.07 percent, to 2,118.69.
Wall Street opened with modest gains on Thursday after new claims for unemployment benefits dropped more than expected, easing some concerns for a deteriorating jobs market.
The Labor Department said before the opening bell that the number of people filing for jobless benefits fell to 473,000 last week, after claims climbed above 500,000 for the first time since November a week earlier.
The Market was lifted after the data as economists were expecting a more modest drop to 490,000, however the gains were capped as the level of claims was still higher for a health economy.
What s more, the four-week average of new claims, which is considered a better measure of underlying labor market trends, rose 3,250 to 486,750, the highest since November.
