FOX Business: Capitalism Lives Here
Wall Street drifted lower on Thursday as shares of banking giant Citigroup and video game retailer GameStop tumbled.
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The Dow Jones Industrial Average fell 4.8 points, or 0.03%, to 16264, the S&P 500 dipped 3.5 points, or 0.19%, to 1849 and the Nasdaq Composite declined 22.4 points, or 0.54%, to 4151.
The markets have had a shaky past few sessions. The broad S&P 500 has ended in the red for the past three of four sessions, and now sits more than 1% off its record high.
Citigroup (NYSE:C) shares were expected to be a major focus on Wall Street after the No. 3 U.S. bank by assets faced a rejection on the capital plan it released to the Federal Reserve. Four other banks also failed the test, but Citi is by far the biggest U.S. bank to fail.
The economic docket is fairly full on the day, as well.
The Labor Department said The number of Americans filing for first-time unemployment benefits fell last week to 311,000 from an upwardly revised 321,000 the week prior. Wall Street expected claims to rise to 325,000 from an initially reported 320,000.
The Commerce Department reported the U.S. economy grew at an annual pace of 2.6% in the fourth quarter, up from a previous reading of 2.4%, but slightly below the 2.7% rate Wall Street expected.
Meanwhile, the National Association of Realtors said signed contracts to buy previously-owned homes fell 0.8% in February, to the lowest level since October 2011. Wall Street was expecting the rate to remain unchanged. The gauge is off 10.5% from the same period in 2013.
The economy took a hit early this year from an intense winter. However, those affects appear to be waning.
Elsewhere, U.S. crude oil futures rose 33 cents, or 0.33%, to $100.59 a barrel. Wholesale New York Harbor gasoline gained 0.36% to $2.92 a gallon. Gold dropped $9, or 0.69%, to $1,295 a troy ounce.