Kate Gibson: “Stocks fall sharply on weaker-than-expected claims and retail data” – CNBC

Posted on :Feb 13, 2014

By: Kate Gibson


February 13, 2014

U.S. stocks fell sharply on Thursday after economic reports had more Americans than projected filing for jobless claims last week and retail sales unexpectedly falling in January.

The Labor Department reported applications for unemployment benefits climbed by 8,000 to 339,000, higher than the 300,000 projected by economists. Separately, the Commerce Department reported retail sales fell 0.4 percent last month from December, versus expectations they would be flat.

Ahead of the open, stock futures intensified their losses after the data, with sentiment already lower after a disappointing forecast from Cisco Systems.The network gear maker projected a drop of 6 to 8 percent in revenue in the current quarter.

Dow Jones Industrial Average

Name Price Change %Change
DJIA Dow Jones Industrial Average 15913.08 -50.86 -0.32%
S&P 500 S&P 500 Index 1814.73 -4.53 -0.25%
NASDAQ Nasdaq Composite Index 4199.10 -2.19 -0.05%

  The Dow Jones Industrial Average shed 84 points, or 0.5 percent.

The S&P 500 declined 8.69 points, or 0.5 percent, to 1,810.57.

The Nasdaq fell 20 points, or 0.5 percent, to 4,180.28.

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