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U.S. stocks decline ahead of nonfarm payrolls

Xinhua, October 7, 2016 Adjust font size:

U.S. stocks fell in the morning session on Thursday, as investors were awaiting the country's nonfarm payroll report due out Friday.

At midday, the Dow Jones Industrial Average lost 79.88 points, or 0.44 percent, to 18,201.15. The S&P 500 erased 5.67 points, or 0.26 percent, to 2,154.06. The Nasdaq Composite Index was down 26.45 points, or 0.50 percent, to 5,289.57.

On the economic front, initial claims for U.S. unemployment benefits declined 5,000 to a seasonally adjusted 249,000 for the week ended Oct. 1, lower than market consensus of 256,000, said the Labor Department on Thursday.

The upbeat jobs data bolstered investors' speculation of an interest rate-hike by year-end, which weighed on the market on Thursday.

Traders will keep a close eye on Friday's nonfarm jobs report for more clues on the central bank's next move.

Wall Street also looked into oil prices, as U.S. crude rose 0.7 percent to 50.18 U.S. dollars a barrel, higher than 50 U.S. dollars a barrel for the first time since June. Endit