Stocks fell sharply on Thursday as renewed anxiety over the debt crisis in Greece and reports of higher initial jobless claims pulled markets lower.
Rating agencies have suggested they may downgrade Greece’s credit rating, unless spending cuts are made, a move that led many investors to worry about global economic health.
Jobless claims took losses over the top with the number of people filing for unmployment benefits reached 496,000, up 22,000. Economists had been predicting a decline down to 460,000.
In the hours following the announcement the Dow Jones Industrial Average tumbled 159 points, or 1.5 percent to 10,216. The S&P 500 fell 15 points, or 1.4%, to 1090 while Nasdaq slipped by 32 points, or 1.4 percent at 2204.
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