Economic news

U.S. stocks dip at opening bell, reacting to hawkish Fed

Wall Street slipped in early trading on Thursday as some industrials posted weak results, while the Federal Reserve’s minutes showed policymakers were on track to increase interest rates further, fueling worries that had led to last week’s steep selloff.

Photo: Reuters

The Dow Jones Industrial Average lost 0.24 percent to 25,645.56. The S&P 500 was down 0.26 percent, at 2,802.00. The Nasdaq Composite sank 0.34 percent, to 7,616.47.

Shares in Philip Morris International Inc. leaped 3.4 percent in morning deals, after the company reported results for the third quarter above forecasts.

Alcoa Corp. soared 8.5 percent after stronger-than-expected earnings.

Shares of Endocyte Inc. jumped more than 50 percent on news Novartis AG is considering acquisition of the cancer-drug producer for $2.1 billion.

According for the fresh data from the Labor Department, first-time jobless claims dropped by 5,000 to 210,000 last week.

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