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U.S. markets recover from steep losses
NEW YORK, Dec. 18 (UPI) -- U.S. markets moved lower Thursday even as first-time jobless claims fell and crude oil prices dropped.
The Labor Department said initial unemployment claims dropped by 21,000 in the week ending Dec. 13. A production cut of 2.2 million barrels announced by the Organization of Petroleum Exporting Countries Wednesday did not stop the sliding price of oil, which fell below $40 per barrel in New York.
By close, the Dow Jones industrial average lost 219.35 points or 2.49 percent to 8,604.99. The Standard & Poor's 500 lost 19.08 points, 2.11 percent, to 885.34. The Nasdaq composite index fell 1.71 percent, losing 26.94 points to 1,552.37.
On the New York Stock Exchange, 1,311 stocks advanced and 1,799 declined on volume of 6.3 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 1 8/32 to yield 2.074 percent.
The euro fell to $1.4232, compared to Wednesday's $1.439. Against the Japanese yen, the dollar rose to 89.49 yen, up from Wednesday's 87.4 yen.
In Tokyo, the Nikkei average gained 54.71 points to 8,667.23 up 0.64 percent.
In London, the FTSE 100 index rose 0.15 percent to 4,330.66, adding 6.47 points.
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