Reuters: US Dollar Report: GLOBAL MARKETS-Stocks dip on U.S. jobless data, debt rises

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GLOBAL MARKETS-Stocks dip on U.S. jobless data, debt rises Mar 29th 2012, 14:46 Thu Mar 29, 2012 10:46am EDT * Revised U.S. jobless data puts damper on growth outlook * Stocks fall on tarnished sentiment, safe-haven debt gains * Oil prices fall below $124 a barrel By Herbert Lash NEW YORK, March 29 (Reuters) - A slower-than-expected drop in U.S. jobless claims put a damper on investor sentiment on Thursday, keeping global stocks under the weather and raising the appeal of save-haven government debt. Initial claims for state unemployment benefits fell 5,000 to a seasonally adjusted 359,000, the lowest level since April 2008, the Labor Department said, but the data suggested that the decline may be losing steam. The report contained revisions for claims data from 2007, based on updated seasonal adjustment calculations. It also included a significant upward revision for the previous week's number, which suggested that recent improvements in jobless claims were perhaps not as encouraging as first believed. "The market was feeling pretty fearless and bulletproof, and when we're feeling that way, a disappointing data point has a greater effect," said John Kosar, director of research with Asbury research in Chicago. The Dow Jones industrial average was down 86.31 points, or 0.66 percent, at 13,040.69. The Standard & Poor's 500 Index was down 13.56 points, or 0.97 percent, at 1,392.19. The Nasdaq Composite Index was down 25.31 points, or 0.82 percent, at 3,079.61. European shares extended declines amid continued growth concerns and as technical pressure weighed on several major indexes. The FTSEurofirst 300 index of leading European shares was down 1.1 percent, while the Euro STOXX 50 was down 1.5 percent. U.S. government debt prices rose, with benchmark yields hovering at two-week lows, after the jobless data undercut optimism that the employment picture was gaining traction. Nagging jitters about the euro zone's fiscal woes and a perception that the Federal Reserve might consider more stimulus to help the U.S. economy also revived bids ahead of a $29 billion auction of seven-year notes. The benchmark 10-year U.S. Treasury note was up 10/32 in price to yield 2.16 percent. The dollar fell 1 percent against the yen as investors poured money into safe-haven assets in the face of worries about the euro zone sovereign debt crisis. The yen also got a boost from year-end repatriation flows, with many Japanese companies closing their fiscal year on March 31. The dollar fell 0.9 percent to 82.13 yen, according to Reuters data. The euro tumbled 1.33 percent to 108.84 yen , and against the dollar, the single currency fell 0.3 percent to $1.3274. Oil prices slipped below $124 a barrel as signs of slowing global economic growth and the prospect of a release of strategic oil reserves in the West overshadowed concerns about a loss of Iranian oil. Brent crude was down $1.13 at $123.03 a barrel. U.S. crude fell $1.91 to $103.50 a barrel. Link this Share this Digg this Email Reprints

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