Indices finished in the red zone Thursday. JPMorgan Chase and Bank of America led the downswing. Stocks traded lower on a variety of economic data. Initial jobless claims increased last week. The Labor Department said new claims rose by 2,000 to 414,000. Economists had expected a dip to 405,000 from a revised 412,000 in the prior week. On another note, the Commerce Department reported that the U.S. trade deficit narrowed in July to $44.81 billion. Economists had anticipated a retreat to $51.5 billion, just slightly lower than $51.57 billion in June. In merger action, Google purchased Zagat Survey LLC, the review service best known for its restaurant ratings guide, for an undisclosed amount. Elsewhere, crude oil shed 29 cents to settle at $89.05 a barrel.
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