(NEW YORK) — Wall Street slipped lower Thursday, despite news that fewer Americans applied for unemployment benefits last week.
The Dow dropped 42.47 points to close at 13,944.05. The Nasdaq and the S&P both gave up three points.
The major averages are on pace for their first losing week of the year, after logging the best January in decades.
First-time jobless claims dropped by 5,000 last week. The Labor Department says that indicates companies are still hiring at a modest but steady pace.
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John Newsome and Anne Woolsey, CNN