The Dow dropped below the psychologically-important 10000 level and hit fresh seven-week lows on Thursday as new data revealing the first drop in weekly jobless claims in a month failed to puncture the cloud of economic gloom hovering over Wall Street.
The Dow Jones Industrial Average fell 74.25 points, or 0.74%, to 9985.81, the S&P 500 lost 8.11 points, or 0.77%, to 1047.22 and the Nasdaq Composite sank 22.85 points, or 1.07%, to 2118.69. The FOX 50 dropped 5.55 points, or 0.72%, to 760.27
Wall Street opened solidly higher in the wake of the better-than-expected labor data, but those gains proved to be fleeting as the markets' economic jitters persisted, leaving the benchmark index in four-digit territory for the first time since July 6. The markets were also bracing for a key speech on Friday from Fed chief Ben Bernanke amid worries the U.S. economy could succumb to a double-dip recession.
(read more at foxbusiness)
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