Business Highlights

The number of people who are continuing to receive jobless benefits rose to nearly 6.7 million from about 6.6 million, the Labor Department said. That's the highest total on records dating to 1967 and the 16th straight weekly record.

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Stocks are pounded by worries over jobs, UK debt

NEW YORK (AP) — Another bad signal from the job market and concern over a possible downgrade of British government debt sent stocks sharply lower Thursday.

Major stock indicators slid more than 1.5 percent, cutting nearly 130 points off the Dow Jones industrial average to 8,292.13, after continuing claims for unemployment benefits set their 16th straight weekly record.

The report added to recent anxiety that the market may have moved too high too quickly on early signs of recovery in the economy. Despite a pullback this week, the Standard & Poor's 500 index is still up more than 30 percent from its 12-year lows in early March.

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Oil drops below $61 as big rally pauses