US stocks keep sliding on weak data, Fed qualms

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Associated Press

Posted on February 21, 2013 at 12:00 PM

Updated Thursday, Feb 21 at 12:02 PM

U.S. stocks are continuing a two-day slide on weak economic data and concern that the Federal Reserve may cut back its bond-buying program.

European stocks were sharply lower after a survey of regional executives showed that business activity slowed in February. Markets were down 2 percent in Germany and France and 3 percent in Italy.

In the U.S., the government said more people applied for unemployment benefits last week. The four-week average rose to the highest in six weeks.

The Dow Jones industrial average was down 53 points to 13,874 at midday Thursday.

The Standard & Poor's 500 index dropped eight to 1,503. The Nasdaq composite lost 26 to 3,138.

Wal-Mart Stores rose after beating analysts' profit expectations in the fourth quarter.

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