Stocks wobble after Amex earnings, jobless claims

AP News
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Posted: Oct 18, 2012 11:52 AM
Stocks wobble after Amex earnings, jobless claims

Stock indexes are wobbling between small gains and losses on Wall Street following a leap in claims for unemployment benefits and weak results from American Express.

The Dow Jones industrial average was up 11 points at 13,568 shortly before noon Thursday. It was lower for most of the morning.

The broader Standard & Poor's 500 index was up less than a point at 1,461 and the Nasdaq composite slipped seven points 3,097.

The Labor Department reported that applications for unemployment benefits jumped to a four-month high last week, a sharp rise from the previous week.

American Express sank 2.7 percent, the biggest loss of any Dow stock. The credit-card company's revenue fell short of Wall Street's expectations as spending by Amex cardholders slowed.