Markets Continue Downward Slide
Hemera/Thinkstock(NEW YORK) — U.S. markets closed Thursday with another loss for the week. More unfavorable corporate earnings reports helped to drag stocks lower.
The Dow gave up 81 points, or 0.6 percent, to close at 14,537.14. The Nasdaq lost 38, or 1.2 percent, closing at 3,166.36. The S&P dropped 10 points for the day to 1,541.61, a 0.7-percent loss.
The market slides are due, in part, to disappointing earnings from a number of companies; Morgan Stanley, United Health Group, IBM and eBay’s earnings numbers came out worse than expected. Google, Verizon, Pepsi and Union Pacific, however, all reported better-than-anticipated quarterly results.
First-time jobless claims rose by just 4,000 last week, and economists say it’s a sign hiring may pick up.
If you’re looking for work, though, it may be a good idea to head for the suburbs. The Brookings Institute says that as of 2010, almost half of all jobs were 10 or more miles away from cities’ central business districts. Less than a quarter were within three miles.
Copyright 2013 ABC News Radio
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