NEW YORK — Weaker than expected sales reports from retailers and another large number of claims for unemployment benefits pulled the stock market lower for the second straight day Thursday.
The Dow Jones industrial average lost 41.59, or 0.3%, to 12,248.55. The Standard & Poor’s 500 index dipped 1.61, or 0.1%, to 1,312.94. The Nasdaq composite rose 4.12, or 0.2%, to 2,773.31.
Slightly more stocks fell than rose on the New York Stock Exchange. Trading volume was 3.9 billion shares.
First-time applications for unemployment benefits, an indication of how many people are losing their jobs, fell slightly last week to 422,000. That was more than economists were expecting and well above the 375,000 level that signals that the economy is adding jobs.
“Companies are just not hiring the same number of workers that they laid off two years ago, and that’s leading to a very stale jobs environment,” said David Loesser, the president of the Estate Planners Group, a financial advisory firm in Washington Crossing, Pa.
Several retailers reported poor sales for May, adding to concerns that the U.S. economy is straining under higher costs for raw materials like oil and cotton. Companies that catered to middle and lower income shoppers said that higher food and gas prices cut into sales. Gap Inc. (GPS) fell after sales fell across all its brands. Target Corp. (TGT) fell after missing expectations as sales traffic slowed during the second half of the month.
Luxury retailer Saks Inc. (SKS) was among the few companies in the category that rose. The company gained after far surpassing analyst’s expectations.
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