Local Business

Action later caused big losses on sales in the U.S. stock market on Thursday, with investors scared by the news of a blast in Athens and the specter of criminal charges against nine banks.

The blue-chip stock index Dow Jones Industrial Average fell 113.96 points (1.05 percent) to 10782.95 at close of trading.

The technology-heavy NASDAQ composite index lost 30.66 share points (1.26 percent) at 2394.36 while the broader market index Standard & Poor `s 500 lost 14.23 points (1.21 percent) to 1157.44.

Before the action to sell in late trading, and after logging off for the past week, the stock hovering in or around the red for most of Thursday.

“Stocks spent much of the session stuck in negative territory with moderate losses, but the sellers intensify their efforts in the last action,” Briefing.com analysts said in a client note.

“The atmosphere for relatively warm most of the session as buyers took a break after they sent the stock market rose more than five percent higher during the three previous sessions,” said the analysts.

Because many of the markets closed, the news just dripping from the Greek that an explosive device exploded outside a maximum-security prison near Athens on Thursday injuring one person.

This country has recently become a strong protest on the steps more closely related to the bailout (the bailout) of the European Union-International Monetary Fund.

U.S. stocks had soared Wednesday amid a favorable U.S. economic data and positive news in Europe, even continent is fighting with the debt crisis.

Stock markets beginning to peel a small portion of the gain on Wednesday amid reports indicate a variety of jobs that new claims for unemployment insurance benefits fell last week for the fourth time in succession.

But the report also reaffirms the slow economic recovery.

Labor Department said initial jobless claims amounting to 444 000 in the week ended May 8 4000 figure revised down from the previous week around 448 000.

“The labor market is gradually recovered as the business grows more confident and slow the rate of reduction in salary,” said Andrew Gledhill of Moody `s Economy.com.

Cisco Systems shares fell 4.53 percent to 25.53 dollars even though this computer networking giant posted quarterly results better than expected on Wednesday.

Manufacturer of switches and routers for Internet and wireless networks based in San Jose, California, said net profit rose 62.6 percent in the third quarter to 2.2 billion dollars.

Banking shares also fell with Bank of America fell 1.17 percent to 16.87 dollars and Citigroup slid 2.15 percent to 4.09 dollars.

Bonds rose. Bond yields on U.S. Treasury 10-year fell to 3.564 percent from 3.567 percent on Wednesday, and the 30-year Treasury bond slumped to 4.461 percent from 4.473 percent.