U.S. stocks fell for a third day as disappointing earnings and economic news showed signs of a weakening recovery. The Dow Jones Industrial average fell more than 60 points before the opening bell on Thursday after technology giant Cisco posted weaker than expected growth. The Dow has fallen more than 300 points since Tuesday, after the Federal Reserve lowered its assessment of the U.S. recovery. New jobless claims announced on Thursday only added to the sour mood.
The US Labor Department says new jobless claims hit a six month high last week as 484,000 Americans signed up for unemployment assistance.
The report comes after the Federal Reserve said the pace of recovery is likely to be more modest than anticipated.
