U.S. stocks slip despite positive jobs figures

Friday, 31 December 2010, 04:33 Hrs
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New York: U.S. stock indices dipped slightly Thursday despite fewer new jobless claims and boosts in other economic data.

Initial jobless claims fell to 388,000 last week, the first weekly figure below 400,000 in more than two years, the Labour Department said. Sales of existing homes hit a seven-month high, rising 3.5 percent in November.

But the good news failed to push markets into positive territory on the day as trading remained light with investors taking some time off during the holiday season and still dealing with a blizzard that continued to make travel difficult in the New York area.

The blue-chip Dow Jones Industrial Average shed 15.67 points, or 0.14 percent, to 11,569.71. The broader Standard & Poor's 500 Index fell 1.90 points, or 0.15 percent, to 1,257.88. The technology-heavy Nasdaq Composite Index was down 3.95 points, or 0.15 percent, to 2,662.98.

The US currency fell against the euro to 75.24 euro cents from 75.62 euro cents Wednesday. The dollar fell against the Japanese currency to 81.50 yen from 81.68 yen.

Friday will mark the final trading day of 2010, and all major indices are poised to end the year up more than 10 percent.
Source: IANS
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