(NEW YORK) — A less-than-stellar weekly unemployment report didn’t do much to help the markets Thursday.
The Dow gained 19 points to close at 13,597, while the Nasdaq lost seven points and the S&P gave up a fraction.
U.S. jobless claims were higher than expected, causing stocks to fall in early trading Thursday. The Labor Department says first-time jobless claims dropped by 3,000 last week to 382,000. But, the agency says, hiring is still very slow.
The Federal Reserve says Americans’ wealth contracted by about half a percent from April to June as a drop in stock prices more than offset a gain in home values. Since June, stocks have surged about seven percent, and that’s brought Americans closer to regaining all the wealth they’d lost in the recession.
Copyright 2012 ABC News Radio
Doug Criss, CNN
Ralph Ellis, CNN
Kathryn Vasel, CNN