The stock market resumed its slide Thursday as disappointing forecasts from technology companies brought new concerns about the economy.
A weaker outlook from technology maker Qualcomm Inc. dragged the Nasdaq composite index lower. Drops in Motorola Inc. and Apple Inc. also hurt tech stocks. The Dow Jones industrial average fell almost 116 points, its sixth drop in nine days. The market also fell in response to a report from Standard & Poor's that said it no longer considers Britain's banking system among the "most stable and low-risk."
Concerns about the economy are also creeping back to the forefront. The Fed said Wednesday that it would keep interest rates at historic lows and that the economy was showing signs of improvement. That helped stocks reverse a slide to end higher.
The enthusiasm faded Thursday after the Labor Department said first-time claims dropped 8,000 last week to a seasonally adjusted 470,000. Analysts had expected a steeper drop to 450,000. Two weeks ago, claims surged due to administrative backlogs left over from the holidays in the state agencies that process the claims, a Labor Department analyst said. Those delays may still be affecting the data, the analyst said.
The Commerce Department reported durable goods orders didn't rise as fast as anticipated last month. The reports provided reminders that the economic recovery is likely to be slow.
The Dow fell 115.70, or 1.1 percent, to 10,120.46. The Dow hasn't traded below 10,000 since Nov. 6. The Standard & Poor's 500 index fell 12.97, or 1.2 percent, to 1,084.53, while the Nasdaq fell 42.41, or 1.9 percent, to 2,179.00. - AP