NEW YORK (AP) — Conflicting signals about the economic recovery are erasing early gains in the stock market and overshadowing the largest Internet company IPO since Google’s in 2004.
Before the market opened, the government said new applications for unemployment benefits declined sharply.
But a separate report said fewer people bought previously occupied homes in April. The Conference Board also said its economic outlook index decreased for the first time since June 2010.
Shares of LinkedIn Corp. are trading for the first time Thursday at more than double their initial price. The shares are up $63 at $108.
The Dow is down 6 points, or 0.1 percent, at 12,538. The S&P 500 is down 2, or 0.2 percent, at 1339. The Nasdaq is down 6, or .2 percent, at 2,809.
