Domestic Labor Market Readings Overshadow European Bank Worries
Stocks regained most of early declines, as better-than-expected readings on the domestic labor market overshadowed worries about European banks. Mark Lasseigne has today's Acadiana Business Index.
- The Dow Jones Industrial Average lost 3 points to 12,416.
- The Labor Department said 372,000 Americans filed for unemployment claims last week. This number marks the eighth time in the past nine weeks that new claims have come in below 400,000.
- In Europe, bank shares fell as fears over the ability of financial institutions to raise capital. The Stoxx Europe 600 dropped 0.9%, with bank stocks among the biggest decliners. The euro fell below $1.28 for the first time since September 2010.
- Asian markets fell, with China's Shanghai Composite sliding 1% and closing at the lowest level since March 2009. Japan’s Nikkei Stock Average shedding 0.8%.
- Light, sweet crude closed at $102.95 a barrel on the New York Mercantile Exchange.
- And gold edged up to $1,623 an ounce.