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Stocks open lower after jobless claims rise
Posted: Aug 23, 2012 6:52 AM by Associated Press
NEW YORK (AP) - U.S. stocks are opening lower after a disappointing report about the number of people seeking jobless benefits.
The Dow Jones industrial average is down 54 points to 13,119. The Standard & Poor's 500 is down five to 1,408. The Nasdaq composite index is down 15 to 3,059.
The Labor Department says the four-week average for people seeking unemployment assistance rose slightly last week, a reminder that any recovery in the jobs market remains modest and uneven.
Major indexes in Germany, France, Greece and Spain are also down. Greece is trying to implement the reforms that Germany is demanding so it can keep its rescue loans, but the process has been slow.
China reported lower manufacturing activity, and the Bank of China said that profit growth fell sharply this year.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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