Stocks drop as jobless claims rise unexpectedly
Business Law
Stocks fell Thursday after the Labor Department said claims for unemployment benefits rose unexpectedly last week, renewing concerns about the pace of the economic recovery.
The disappointing news about the jobs market came minutes after news that Intel Corp. was acquiring McAfee Inc. The deal, valued at $7.68 billion, helped to cushion the blow from the jump in unemployment benefit claims.
The Dow Jones industrial average fell 29 in early morning trading. Broader indexes also fell.
The two announcements are the latest to provide a conflicting picture of the recovery. Economic reports have regularly shown the pace of a rebound is slowing and companies are skittish about adding new workers. That has hurt stocks on some days in recent weeks. It has also stoked fears about the economy falling back into recession.
At the same time, corporate announcements, including earnings reports for the past six weeks, have largely showed companies are doing well. Mergers and acquisitions activity is often considered a positive sign because it means companies are willing to spend money to grow their businesses and are confident that prospects are improving.
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