Stocks fall on steep rise in unemployment claims

NEW YORK (AP) — Stocks are opening lower, after the government said first-time applications for unemployment benefits jumped more than expected last week.

The Labor Department said this morning that the number of people filing for unemployment benefits rose to 410,000, up 25,000 from the previous week. The figure is 10,000 higher than what economists expected.

The government also reported that consumer prices in January were slightly higher than forecast, largely a result of rising food and gas prices. The core index, which excludes food and energy costs, looked relatively tame.

The Dow Jones industrial average is down 30, or 0.2 percent, at 12,258. The S&P 500 index is down 5, or 0.3 percent, at 1,331. The Nasdaq composite index is down 10, or 0.4 percent, at 2,815.