U.S. stocks closed lower Thursday, following a string of positive economic reports that dimmed hopes that the Federal Reserve (Fed) would announce more stimulus measures Friday. In U.S. economic news, the Labor Department reported that the number of Americans filing for first-time unemployment benefits totaled 374,000 last week, which was unchanged from the prior week's revised figure. According to a survey of analysts by Briefing.com, claims were expected to total 370,000. The Bureau of Economic Analysis said that personal income increased $42.3 billion, or 0.3 percent, in July, which was in-line with analysts' predictions. Also, Personal consumption expenditures increased $46 billion, or 0.4 percent, for the month, which was slightly below the 0.5 percent increase expected by economists. In international economic news, the European Commission's Economic Sentiment Indicator fell in August, as consumers continued to lose confidence in the eurozone, especially when it came to retail trade and construction managers. The Business Climate Indicator edged higher, assisted by an improvement in managers' assessments of exports and past production. Meanwhile, Italy's borrowing costs fell, which signaled that investors are more confident that the European Central Bank (ECB) will intervene in the bond market. In company news, Barclays named Antony Jenkins, who currently heads Barclays' retail and business banking, as the bank's new chief executive early Thursday. The Nasdaq and the S&P 500 were dragged lower by Sears Holdings, which will be taken off the S&P next week. The dollar rose against the euro, but lost ground against the pound and the yen. Light sweet crude oil for October delivery dropped 94 cents to $94.62 a barrel on the New York Mercantile Exchange. Gold futures fell $5.90 to $1,657.10 an ounce. The Dow Jones industrial average lost 106.77, or 0.81 percent, to 13,000.71. The broader Standard & Poor's 500 index dropped 11.01, or 0.78 percent, to 1,399.48. The technology-heavy Nasdaq composite index fell 32.48, or 1.05 percent, to 3,048.71.
