US Stocks Decline As Jobless Claims Disappoint; DJIA Off 66

NEW YORK (Dow Jones)--U.S. stocks fell Thursday as disappointing weekly jobs data hurt sentiment a day ahead of the government's monthly jobs report.

The Dow Jones Industrial Average fell 66 points, or 0.5%, to 12657. The Nasdaq Composite declined seven points, or 0.3%, to 2822.

The Standard & Poor's 500 index shed seven points, or 0.5%, to 1340, putting the measure on track for its fourth-straight drop. It represents the first time the S&P 500 has been down for the first four days of a month since October 2008.

The energy sector led Thursday's drop as crude-oil futures tumbled more than 3% to below $106 a barrel. Exxon Mobil fell 1.4% while Chevron also declined 1.4%.

The declines came after data showed new claims for jobless benefits unexpectedly surged by 43,000 last week to a seasonally adjusted 474,000, the highest level since August. Economists had expected a drop of 19,000.

"It reinforced the view of a painfully slow improvement in the labor market," said Joseph Tanious, vice president and market strategist for J.P. Morgan Asset Management.