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Stocks lower as Europe overshadows jobs data

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Posted: May 17, 2012 11:05 AM
Source: Associated Press

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Topics: stock, economy, job, money, wall street

NEW YORK- Stocks are slipping as unease about Europe overshadows an encouraging report on unemployment claims and good results from big retailers including Wal-Mart Stores.

The Dow Jones industrial average was down 65 points at 12,533 just before noon Thursday. The Standard & Poor's 500 index fell nine points to 1,316. The Nasdaq composite fell 29 points to 2,844.

The Labor Department reported that applications for unemployment benefits held steady last week, a sign that layoffs are not increasing.

Wal-Mart stock rose 5 percent after reporting a 10 percent jump in first-quarter income, beating Wall Street expectations.

Despite positive news from the U.S., investors continue to fret about developments in Europe and whether Greece might be forced to exit the euro bloc.

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