U.S. stocks retreat amid economic data, corporate earnings

U.S. stocks traded lower around midday Thursday as Wall Street digested the country's initial jobless claims data and corporate earnings reports.

By noon, the Dow Jones Industrial Average fell 37.23 points, or 0.19 percent, to 19,853.71. The S&P 500 lost 3.00 points, or 0.13 percent, to 2,276.55. The Nasdaq Composite Index was down 12.50 points, or 0.22 percent, to 5,630.15.

In the week ending Jan. 28, the advance figure for seasonally adjusted initial jobless claims was 246,000, a drop of 14,000 from the previous week's revised level, the U.S. Labor Department announced Thursday.

The four-week moving average was 248,000, an increase of 2,250 from the previous week's revised average.

In corporate news, shares of Facebook Inc. fell about 1 percent around midday Thursday, even though the social media networking website delivered better-than-expected fourth-quarter results.

Meanwhile, investors were still sifting through the Federal Reserve's decision to keep interest rates unchanged at 0.5-0.75 percent.

In a statement released Wednesday afternoon, the U.S. central bank painted a relatively upbeat picture for the country's economy. "Labor market continued to strengthen and ... economic activity has continued to expand at a moderate pace," said the statement.

The Fed also acknowledged the improved consumer and business sentiment following the election of Donald Trump as the U.S. President, but offered no hint on when it might move.

Analysts believed that the upbeat economic assessment suggested the central bank should be on track to raise interest rates in the future. Endit