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Stocks end lower after unemployment claims rise

The Columbian
Published: January 6, 2011, 12:00am

NEW YORK (AP) — Stocks are slipping after the government reported an increase in applications for unemployment benefits last week.

The Labor Department said Thursday that 409,000 people made first-time claims for benefits. That’s up from the previous week, when applications fell to their lowest level in more than two years.

The report came a day after ADP estimated that companies added nearly 300,000 jobs last month. That report pushed stocks higher.

According to preliminary calculations, the Dow Jones industrial average fell 25 points, or 0.2 percent, to close at 11,697.

The S&P 500 index fell 3, or 0.2 percent, to close at 1,273. The Nasdaq rose 7, or 0.3 percent, to 2,709.

Roughly three stocks fell for every two that rose on the New York Stock Exchange. Volume was 1 billion shares.

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