Markets on Wall Street dropped on Thursday as investors weighed the outlook for interest rates, the latest sanctions against Russia and volatile energy prices. Health care stocks, the year's biggest gainers, fell back.
Lululemon, the high-end yoga apparel maker, surged after reporting income that beat expectations.
KEEPING SCORE In early afternoon trading, the Dow Jones industrial average fell 0.21 percent and the Standard & Poor's 500-stock index was down 0.14 percent. The Nasdaq composite index dropped 0.26 percent.
JOBS PICTURE More people sought unemployment benefits last week, though the trend in benefit applications in the past month remained low. Applications are a proxy for layoffs. The four-week average fell to an eight-year low of 293,750. Generally, fewer applications indicate employers are holding onto their workers.
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SHEER RISE Lululemon jumped 15.6 percent after the troubled yoga-gear retailer reported earnings that beat analysts' expectations. The company also raised its full-year forecast. Lululemon has been trying to turn itself around since last spring, when it pulled one of its popular yoga pants from stores because they were too sheer.
SLUGGISH SEPTEMBER Stocks have moved lower this week, falling back from a record close on Friday. September is historically the weakest month for the stock market, according to data from the Stock Traders' Almanac. The S.&P. 500 is down 0.6 percent so far this month.
FED THOUGHTS Many investors were were already looking forward to next week's meeting of Fed policy makers. The Fed is winding down its economic stimulus measures, and investors will be expecting an update from the central bank about the outlook for the economy and when it might begin raising interest rates.
OIL SLIDE The price of oil fell to its lowest level in more than a year in early trading before recouping its losses during the morning. Oil was up 8 cents, or 0.1 percent, at $91.75 a barrel in early afternoon trading. Oil dropped $1.08 on Wednesday and has fallen for five of the last six trading sessions. Crude prices fell after the Organization of the Petroleum Exporting Countries revised down its growth forecasts for global crude oil demand in a monthly report released Wednesday.
RUSSIA FACTOR Markets were also weighed down somewhat in Europe by news that the European Union had decided to go ahead with a new round of sanctions against Russia. The penalties will take effect Friday and limit access to European financial markets for more Russian firms and banks. They also restrict exports of some high-end technology and place travel and asset freezes on a list of individuals. Investors worry that stronger sanctions will hurt the economies and trade relations of Russia and Europe.
CURRENCIES The dollar was little changed against the yen after its recent gains against the Japanese currency. The United States currency is at its highest level in six years against the yen, and on Thursday traded at 106.90 yen per dollar. The dollar fell to $1.2934 against the euro.
BONDS Bond prices rose. The yield on the 10-year Treasury note slipped to 2.52 percent from 2.54 percent late Wednesday.
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