Stocks open mixed as Europe holds off on stimulus

Published on NewsOK Modified: December 6, 2012 at 9:20 am •  Published: December 6, 2012
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NEW YORK (AP) — The stock market wobbled between small gains and losses in early trading Thursday.

The Dow Jones industrial average was down 18 points at 13,016 a half hour after the opening bell.

Boeing led the Dow lower, sliding 1.2 percent. United Airlines said a failed electrical generator in one of its new Boeing 787s caused the plan to make an emergency landing in New Orleans, shortly after taking off from Houston.

Europe's Central bank left its benchmark interest rate unchanged. Though rates remain at record lows, European unemployment continue to rise. The central bank cut its growth forecast for next year from positive to negative.

The Labor Department said unemployment benefits applications dropped 25,000 last week to 370,000, a level consistent with modest hiring. The decline was also a sign that the spike in applications caused by Superstorm Sandy has faded.

The report comes a day before the government releases its closely watched jobs survey. Private economists forecast that hiring in November sank sharply from the previous month. The unemployment rate is expected to remain unchanged at 7.9 percent. Some economists say the storm could cause the Labor Department's hiring figures to be much lower.

In other trading, the Standard & Poor's 500 index slipped two points to 1,407. The Nasdaq composite slipped one point at 2,973.