While you were sleeping: Wall Street falls on economy

Thu, 12 Jul 2012

By Margreet Dietz July 13 (BusinessDesk) - Wall Street extended declines amid concern that the economic outlook is darkening, which will be reflected in corporate earnings. In the US, new claims for state unemployment benefits fell 26,000 last week to 350,000, according to Labor Department data. While that was the lowest since March 2008, the drop reflected volatility of claims during the annual auto-plant retooling period. The four-week moving average for new claims dropped 9,750 to 376,500. "While today's report does not signal a meaningf...

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