Session Ends in the Red

Stocks sold off in afternoon action Thursday. Earlier gains were not maintained and brands such as Caterpillar, Exxon Mobil, and Intel traded lower amid a variety of economic news. Manufacturing in the Midwest region was down this month. The Institute for Supply Management said the Chicago Purchasing Managers index hit 52.7 in May. The reading was shy of the consensus expectation of 57, and down from 56.2 in April. Meanwhile, initial jobless claims increased last week. The Labor Department said new claims climbed to 383,000 from an upwardly revised 373,000 in the prior week. On another note, Commerce Department data showed that U.S. first-quarter GDP was revised down to a 1.9% expansion, from the advance estimate of 2.2%. Elsewhere, crude oil shed $1.29 to settle at $86.53 a barrel. Looking ahead, May employment data is due for release tomorrow.

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