NEW YORK — Stocks are falling at the opening of trading after the government reported an unexpected jump in unemployment claims.
The Labor Department said Thursday that first-time claims for unemployment benefits rose to 474,000 last week, the highest level in eight months. Economists had expected claims would drop to 410,000.
Applications for unemployment benefits have increased in three of the previous four weeks.
The Dow Jones industrial average is down 60 points, or 0.5 percent, at 12,663. The S&P 500 is down 9 points, or 0.7 percent, at 1,338. The Nasdaq composite is down 15 points, or 0.6 percent, at 2,812.
General Motors Co. and Estee Lauder were among the companies reporting higher profits. GM said earnings more than tripled on stronger sales in the U.S. and China.
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