US stocks plunged on Thursday as investors dumped financials after Greek credit-default swap surged to a record high amid persistent worries about the fate of the debt-ridden European economy. Shares also retreated as worries about stringent financial regulation dented investor optimism.
The Dow Jones Industrial Average slid 145.64 points or 1.41% to finish at 10,152.80. The S&P 500 lost 18.35 points or 1.68% to close at 1,073.69. The Nasdaq Composite plunged 36.81 points or 1.63% to 2,217.42.
The Commerce Department on Thursday reported that order for durable goods fell 1.1% in May. Economists expected the durable orders to decline 1.3%.
A release by Department of Labor on Thursday showed number of Americans filing first- time claims for unemployment benefits fell 19,000 to 457,000 in the week ending June 19. Economists expected jobless claims to drop to 460,000. The four-week average of seasonally adjusted initial jobless claims, a less volatile gauge, was unchanged at 462,750. Continuing claims for the week ending June 12 fell 45,000 to 4.55 million.
Shares of Alcoa Inc. (NYSE: AA
) tumbled 32 cents or 2.80% to $11.11.
Home Depot Inc. (NYSE: HD
) slumped 83 cents or 2.72% to $29.67 after Janney Montgomery Scott equity analyst David Strasser downgraded the stock to Neutral from Buy and lowered his share-price target to $30 from $37.
Among financials, Bank of America Corp. (NYSE: BAC
) lost 41 cents to 2.66% to 15.02.
Shares of Hewlett-Packard Co. (NYSE: HPQ
) plunged $1 or 2.13% to $45.89. Intel Corp. (NYSE: INTC) plunged 49 cents or 2.35% to $20.32.
Drugmaker Pfizer Inc. (NYSE: PFE
) plummeted 42 cents or 2.82% to $14.46.
Energy stocks finished lower. Chevron Corp. (NYSE: CVX
) fell $1.43 or 1.98% to $70.3. Exxon Mobil Corp. (NYSE: XOM) declined $1.03 or 1.69% to $60.07.
General Electric Co.