Stocks traded lower today on Wall Street. Caterpillar, JPMorgan Chase, and Home Depot led the Dow’s descent. Brands dipped amid continued eurozone debt concerns. Crude oil shed 25 cents to settle at $92.56 a barrel. On another note, initial jobless claims held steady last week. The Labor Department said new claims remained at 370,000 for the week ending May 12. The prior week’s claims were revised up from 367,000 to 370,000. In earnings action, Sears Holdings reported first-quarter profit of $189 million, or $1.78 a share, well up from a loss of $170 million, or $1.58 a share, a year ago. After the closing bell, Facebook priced its eagerly anticipated IPO at $38 a share. This gives the social networking site a valuation of $104 billion, well above the market caps of such technology titans as Dell and Hewlett-Packard. Facebook shares will begin trading tomorrow morning.
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