US stocks were on track for a third day of losses on Thursday after jobless claims data failed to meet heightened market expectations as stocks come off their best first quarter in 14 years. "The data today is evidence that we're not going to have the robust recovery we had been expecting. The economy is growing, and the labour market is healing, but both on a very slow basis," said Michael Yoshikami, chief executive officer at Destination Wealth Management in Walnut Creek, California.
The S&P 500 is up 10.9 percent this quarter, its best start to the year since 1998 and its best quarter since the third period of 2009. The Dow Jones industrial average dropped 82.91 points, or 0.63 percent, at 13,043.30. The Standard & Poor's 500 Index was down 13.25 points, or 0.94 percent, at 1,392.29. The Nasdaq Composite Index slid 31.86 points, or 1.03 percent, at 3,073.10. All ten S&P sectors fell, with financials, a group closely tied to economic growth prospects, down 1.8 percent. Wells Fargo & Co fell 2.2 percent to $33.70.
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