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NEW YORK – Stocks fell slightly Wednesday ahead of an upcoming meeting of world leaders and as Europe continues to grapple with government debt problems.
Not even an unexpectedly sharp drop in first-time claims for unemployment benefits was enough to give the market much of a lift. The Dow Jones industrial average fell 20 points in morning trading.
The Labor Department said first-time claims for unemployment benefits fell more than economists' had forecast and reversed a rise reported a week earlier. The claims number came after the government last week said that hiring by private employers rose at its fastest pace in six months.
Normally an upbeat jobs report would be enough to send stocks higher, but enthusiasm was kept in check ahead of a key meeting by world leaders. Members of the Group of 20 will be meeting Thursday and Friday in South Korea.
The meeting comes as countries like the U.S. and Japan try to weaken their currency to help stimulate economic growth. A global economic recovery has been slow and many developed countries like the U.S. have struggled to expand at a pace that will cut high unemployment.
Major European indexes all slid as worries grow about debt problems in Ireland. The euro slipped below $1.38 and the dollar rose against other major currencies. Concerns about mounting government debt in many European countries have occasionally dragged down stocks around the world throughout the year. Countries like Ireland and Greece are facing rising debt with little signs of growth.
Gold prices dropped below $1,400 an ounce as the dollar strengthened.
Not even an unexpectedly sharp drop in first-time claims for unemployment benefits was enough to give the market much of a lift. The Dow Jones industrial average fell 20 points in morning trading.
The Labor Department said first-time claims for unemployment benefits fell more than economists' had forecast and reversed a rise reported a week earlier. The claims number came after the government last week said that hiring by private employers rose at its fastest pace in six months.
Normally an upbeat jobs report would be enough to send stocks higher, but enthusiasm was kept in check ahead of a key meeting by world leaders. Members of the Group of 20 will be meeting Thursday and Friday in South Korea.
The meeting comes as countries like the U.S. and Japan try to weaken their currency to help stimulate economic growth. A global economic recovery has been slow and many developed countries like the U.S. have struggled to expand at a pace that will cut high unemployment.
Major European indexes all slid as worries grow about debt problems in Ireland. The euro slipped below $1.38 and the dollar rose against other major currencies. Concerns about mounting government debt in many European countries have occasionally dragged down stocks around the world throughout the year. Countries like Ireland and Greece are facing rising debt with little signs of growth.
Gold prices dropped below $1,400 an ounce as the dollar strengthened.