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U.S. stocks pare gains amid economic data

Xinhua, December 30, 2016 Adjust font size:

U.S. stocks reversed gains and turned lower on Thursday, as investors mainly digested newly-released data.

At midday, the Dow Jones Industrial Average was down 17.06 points, or 0.09 percent, to 19,816.62. The S&P 500 shed 2.23 points, or 0.10 percent, to 2,247.69. The Nasdaq Composite Index lost 17.72 points, or 0.33 percent, to 5,420.84.

In the week ending Dec. 24, the advance figure for seasonally adjusted initial claims was 265,000, a decrease of 10,000 from the previous week's unrevised level of 275,000, said the Labor Department Thursday.

The 4-week moving average was 263,000, a decrease of 750 from the previous week's unrevised average of 263,750.

U.S. stocks pared early gains to end lower Wednesday, as the country's pending home sales data came out much worse than expected.

After the Dow Jones Industrial Average drifted away from the 20,000 mark Wednesday, analysts said the Santa rally has run out of steam. Enditem