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U.S. stocks lower in afternoon trading
U.S. stocks ended the day lower Thursday on concerns about the global economy, analysts said.
The Dow Jones industrial average fell 31.26 points, or 0.25 percent, to 12,573.27.
The Nasdaq composite was down 21.79 points, or 0.75 percent, to 2,866.19.
The Standard & Poor”s 500 index dropped 6.69 points, or 0.5 percent, to 1,334.76.
Analysts said technology and financial shares led the decline. A Labor Department report that showed initial jobless claims hit a 4-year low last week did little to boost the market.
Merck was up 4.1 percent on news of positive results from a late-stage study of the experimental osteoporosis treatment odanacatib. Procter & Gamble received a 3.8 percent boost on signs activist investor Bill Ackman is sizing up the consumer products company.
Supervalu”s stock fell 49.15 percent after the company — the nation”s third largest grocery chain — reported declining earnings and said it was considering selling part of the company.
on the New York Stock Exchange 1,119 issues advanced and 1,906 declined on total volume of 3.6 billion shares.
The benchmark 10-year U.S. treasury note gained 13/32, with the yield falling to 1.478 percent.
The euro hit a two-year low Thursday, sliding to $1.2198 against the U.S. dollar. It was up slightly to $1.2204 late in the day. Against the yen, the dollar fell to 79.3 from Wednesday”s 79.76.
In Tokyo, the Nikkei 225 index fell 130.9 points, or 1.48 percent, to 8,720.01. In London, the FTSE 100 was down 56.23, or 0.99 percent, to 5,608.25.
Copyright 2012 by United Press International