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Dow Down 65, Nasdaq Drops 17

July 10, 2003

NEW YORK (AP) _ Stock prices are lower in early trading. The Dow Jones Industrial Average is down 65 points in today’s early going. Losing issues on the New York Stock Exchange hold better than a two-to-one lead over gainers.

The Nasdaq Composite Index is off 17 points and the Standard & Poor’s 500 Stock Index is down six points.

Stock futures have been lower throughout the morning, but slipped further upon release of this morning’s worse than expected snapshot of the nation’s job market.

According to the Labor Department, the number of Americans filing first- time claims for unemployment benefits climbed to the highest level in five weeks. Those claims surged by five thousand to 434-thousand. Economists had been looking for a modest decline.

A few earnings reports have been released since yesterday’s closing bell. They include Yahoo, which matched expectations and raised the outlook for the full-year. However, some investors were disappointed since Yahoo had exceeded forecasts in recent quarters.

Major retail chains are reporting their June sales figures. For the world’s largest retailer, a so-so showing. Wal-Mart says sales at stores open at least a year rose two-point-seven percent.

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