US stocks drift lower in afternoon trading; oil price slips

FINANCIAL LIFELINE: Sears rose 5.3 per cent after the struggling retailer said it obtained a letter of credit that the company can use to fund its operations. The stock gained 43 cents to $8.61.

UNEMPLOYMENT WATCH: The Labor Department said fewer Americans applied for unemployment benefits last week, continuing a nearly two-year trend that suggests a solid job market. Weekly requests for jobless aid fell 10,000 to a seasonally adjusted 265,000. Over the past year, the number of people collecting benefits has fallen almost 5 per cent to 2.1 million.

MARKETS OVERSEAS: Germany’s DAX fell 0.2 per cent, while France’s CAC 40 was 0.2 per cent lower. Britain’s FTSE 100 ended the day with its second record-close in two days, trading 0.2 per cent higher at 7,120.26 points. British stocks have benefited from a decline in the value of the pound against other world currencies, which tends to drive up earnings for the multinationals and energy companies that dominate the index. Earlier in Asia, Japan’s benchmark Nikkei 225 slipped 1.3 per cent, while South Korea’s Kospi inched up 0.1 per cent. Hong Kong’s Hang Seng rose 0.2 per cent.

ENERGY: Benchmark U.S. crude was down 32 cents at $53.74 a barrel in New York. Brent crude, used to price international oils, was down 20 cents to $56.75 a barrel in London.

BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.47 per cent from 2.51 per cent late Wednesday. In currency trading, the dollar fell to 116.43 yen from 117.19 yen late Wednesday. The euro fell to $1.0479 from $1.0407.

Alex Veiga, The Associated Press

by Canadian Press

US stocks drift lower in afternoon trading; oil price slips

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