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U.S. markets recover from steep losses
NEW YORK, May 7 (UPI) -- U.S. markets dropped Thursday as the Labor Department issued a mixed report on productivity and said weekly jobless claims declined.
The 601,000 initial benefits claims were 14,750 fewer than a week ago, the department said. On the productivity front, first-quarter manufacturing dropped 10 percent, but a faster drop in hours worked gave productivity an overall gain of 0.8 percent.
By close, the Dow Jones industrial average lost 102.43 points, or 1.2 percent, to 8,409.85. The Standard & Poor's 500 fell 1.32 percent, 12.15 points, to 907.38. The Nasdaq composite index shed 42.86 points, 2.44 percent, to 1,716.24.
On the New York Stock Exchange, 1,063 stocks advanced and 2,010 declined on a volume of 8.5 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 1 26/32 to yield 3.31 percent.
The euro rose to $1.3378, compared to Wednesday's $1.3332. Against the Japanese yen, the dollar rose to 98.99 yen, compared to Wednesday's 98.26 yen.
In Tokyo, the Nikkei average gained solidly, up 408.33 or 4.55 percent to 9,385.70.
In London, the FTSE 100 index gained 0.05 percent, 2.19 points, to 4,398.68.
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