NEW YORK (AP) — Stocks are lower on Wall Street as prospects for a budget deal and more signs of a U.S. recovery suggest that the Federal Reserve may wind down its support for the economy.
The Dow Jones industrial average slumped 104 points, or 0.7 percent, to 15,739 Thursday. The Dow has fallen eight of the last ten days.
The Standard & Poor's 500 index lost six points, or 0.4 percent, to 1,775. The Nasdaq composite edged down five points, or 0.1 percent, to 3,998.
The average number of Americans seeking unemployment benefits rose to about where it was before the recession. Also, U.S. shoppers spent more last month.
Facebook rose 5 percent after the stock was added to the S&P 500 index. Lululemon plunged 12 percent after forecasting weak sales.