NEW YORK, Jan. 12 (UPI) -- U.S. markets slid Thursday morning after the Labor Department said first-time claims for unemployment benefits rose by 24,000 in the latest week.
Initial claims reached 399,000, the department said. The news offset the Federal Reserve's Beige Book report released Wednesday that said the recovery was proceeding at a "modest to moderate pace."
In late morning trading on Wall Street, the Dow Jones industrial average shed 35.19 points or 0.28 percent to 12,414.26. The Standard & Poor's 500 index dropped 3.17 points or 0.25 percent t 1,289.31. The Nasdaq composite index lost 3.63 points or 0.13 percent to 2,707.13.
The benchmark 10-year treasury note fell 4/32 to yield 1.925 percent.
The euro rose to $1.2807 from Wednesday's $1.2706. Against the yen, the dollar fell to 76.75 yen from Wednesday's 76.86 yen.
In Tokyo, the Nikkei 225 index lost 0.74 percent, 62.29, to 8,385.59.
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