Stocks fell Thursday, erasing earlier gains to close sharply lower, as concerns about a slowing U.S. economy overshadowed a positive report on jobless claims. Early-session gains lost momentum as investors turned their attention to the U.S. economy, preparing for the latest report—due Friday—on second-quarter gross domestic product (GDP), which is expected to show the economy grew much less than 2.4 percent annual rate previously estimated. The U.S. government reported Thursday that initial jobless claims fell more than expected to 473,000 last week, but the surprising report was not enough to calm nervous investors. The U.S. dollar fell versus the euro and the yen. Light sweet crude oil for October delivery rose 84 cents to $73.36 a barrel. Gold futures fell $3.60 to $1,237.70 an ounce. The Dow Jones industrial average fell 74.25, or 0.7 percent, to 9,985.81. Twenty-eight of the index's 30 components fell, led by technology firms. Cisco Systems lost 2.4 percent, IBM fell 2 percent, Intel was 1.6 percent lower, and Microsoft fell 1.2 percent. The only gainers were Boeing, whose shares rose nearly 1 percent, and Home Depot. The broader Standard & Poor's 500 index fell 8.11, or 0.8 percent, to 1,047.22. The technology-heavy Nasdaq composite index fell 22.85, or 1.1 percent, to 2,118.69. Computer maker Dell said data-storage company 3PAR has accepted its $1.6 billion takeover bid, sending 3PAR shares down more than 2 percent. Dell shares fell slightly.
