NEW YORK (AP) — Stocks are heading lower after the government reported that more people applied for unemployment benefits last week.
The Labor Department said 409,000 people applied for unemployment insurance. That’s up from 388,000 the previous week, when applications fell to the lowest level in more than two years. The number of claims suggests a moderate amount of job growth.
Retailers reported sales figures for December, and many of them came in much lower than analysts expected. Target Corp., Gap Inc. and Macy’s Inc. all fell.
The Dow Jones industrial average is down 43, or 0.4 percent, at 11,680 in midday trading.
The Standard & Poor’s 500 index fell 4, or 0.4 percent, to 1,272. The Nasdaq composite edged up 2, or 0.1 percent, to 2,703.
