Wall St Opens Lower On Microsoft, Econ Data

The number of workers filing new claims for jobless benefits rose by more than expected last week.

 Wall Street opened lower on Thursday due to concerns over a weak earnings season while fresh economic data showed further deterioration in the labor and housing markets gripped by the year-long recession.

* Microsoft Corp <MSFT.O>, reporting earlier in the day than scheduled, showed quarterly results that were below expectations and said that it would cut up to 5,000 jobs over the next 18 months. For details, see [ID:nN22530524] Shares fell 7.9 percent to $17.85.

* The number of workers filing new claims for jobless benefits rose by more than expected last week, while housing starts and permits fell to a record low in December, data showed. [ID:nN22525475] [ID:nN21489514].

* The Dow Jones industrial average <.DJI> fell 121.39 points, or 1.48 percent, at 8,106.71. The Standard & Poor's 500 Index <.SPX> slid 13.52 points, or 1.61 percent, at 826.72. The Nasdaq Composite Index <.IXIC> dropped 40.29 points, or 2.67 percent, at 1,466.78.