Stocks open lower on Wall Street, led by banks

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Associated Press

Posted on June 26, 2014 at 9:00 AM

Updated Thursday, Jun 26 at 10:02 AM

NEW YORK (AP) — Stocks are opening lower on Wall Street as traders were unimpressed by the latest positive sign on the job market.

The Dow Jones industrial average fell 117 points, or 0.7 percent, to 16,748 in the first few minutes of trading Thursday.

The Standard & Poor's 500 index fell 14 points, or 0.8 percent, to 1,945 and the Nasdaq composite fell 30 points, or 0.7 percent, to 4,349.

The drop was slight but wide. All 10 sectors of the S&P 500 were lower, led by bank stocks.

The government said that the number of Americans seeking unemployment benefits declined last week, the latest evidence that an economic slowdown earlier this year hasn't caused employers to shed workers.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.53 percent.

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