May 16, 2013-Stocks Edge Lower on Disappointing Economic Data and Fed's Stimulus Comments

After seeing modest strength earlier in the session, stocks came under pressure going into the close of Thursday. A disappointing batch of U.S. economic data weighed on the markets along with comments from a Federal Reserve official. The major averages ended the day in negative territory, with the Dow and the S&P 500 pulling back off record highs. The Dow dipped 42.47 points or 0.3 percent to 15,233.22, the Nasdaq edged down 6.37 points or 0.2 percent to 3,465.24 and the S&P 500 fell 8.31 points or 0.5 percent to 1,650.47. The lower close on Wall Street came on the heels of the release of several disappointing economic reports, including a report from the Labor Department showing a bigger than expected increase in initial jobless claims in the week ended May 11th. The report said initial jobless claims rose to 360,000, an increase of 32,000 from the previous week's revised figure of 328,000. Economists had expected jobless claims to climb to 330,000. The Philadelphia Federal Reserve also released a report showing an unexpected contraction in regional manufacturing activity in May.