Stocks Start the Day Lower as Investors Assess Latest Economic Data

Stocks started the trading day lower Thursday as investors assessed the latest government reports that greeted them before the opening bell. Fewer Americans than expected filed for first time unemployment benefits last week. The Labor Department said jobless claims rose by 12,000 to 233,000. Economists were expecting claims to rise to 300,000. The Commerce Department reported orders for durable goods fell 18.2% in August. That’s the biggest drop on record but not too off from expectations. Economists had excepted an 18% decline last month. Yahoo (YHOO) said in a regulatory filing, it has agreed to a one year lock-up on its remaining shares of Alibaba’s outstanding ordinary stock. MannKind (MNKD) said it closed an exclusive licensing deal with Sanofi for its inhaled insulin product. Before the bell, Scholastic (SCHL) posted first quarter results showing much wider-than-expected losses. The educational materials book company usually reports a loss in the first quarter since U.S. schools are not in session.