NEW YORK: The Dow Jones industrial average finished down 74.73 points, or 0.6 percent, to 13,170.72, in Thursday trading.
The Dow drifted lower all day and was down 98 points at its low, just after 3 p.m. Stocks still finished in the red. The Standard & Poor’s 500 index dropped 9.03 points, or 0.6 percent, to 1,419.45. It was the first loss for the S&P in six days, tying its longest winning streak since early August.
The Nasdaq composite index dropped 21.65 points to 2,992.16.
The decline in stocks came despite the fourth consecutive weekly drop in applications for unemployment benefits. Applications fell 29,000 last week to 343,000, the second-lowest this year, the Labor Department reported.
Energy, health care and technology stocks fell the most, and consumer staples stocks were down only slightly. All 10 categories of stock in the S&P 500 index finished lower.
Best Buy shot up $1.94, or 16 percent, to $14.12 after it was reported that the chain’s founder will make a bid of up to $6 billion for the company.
CVS Caremark climbed 96 cents, or 2 percent, to $48.50 after issuing a profit prediction for 2013 ahead of Wall Street expectations. The company also raised its dividend.