国际英语新闻：Wall Street falls on weak jobless data, stronger dollar

NEW YORK, Dec. 17 (Xinhua) -- Wall Street extended losses on Thursday as an unexpected jump in new jobless data and a stronger U.S. dollar weighed on the market. All major indexes dropped more than 1 percent.

    The Labor Department said earlier that the number of new jobless claims rose to 480,000 last week, up 7,000 from the previous week, while analysts were expecting a moderate drop. The new data suggested the labor market was still weak and needed more time to recover.

    A separate report from the Conference Board showed the index of leading economic indicators jumped 0.9 percent in November, but it did little to boost the market.

    Major averages were also pressured by a strengthening dollar, which can cut into profits of U.S. companies that do business abroad.

    Standard & Poor's decided to reduce Greece's credit rating for the second time this year on Wednesday, raising concern among investors that the global recession is still weighing on some economies. At the same time, the Fed said after a two-day meeting that most of its lending programs will expire as scheduled in early February.

    The dollar index on Thursday surged to the highest level in three and a half months, a clear sign of risk-aversion in the market.

    Commodities fell as the dollar rallied, dragging energy and material sectors down 1.43 percent and 2.72 percent respectively.

    Financials remain a primary source of weakness for the broader market, pressured by Citigroup's surprisingly low pricing. The sector was down 2.11 percent at the close.

    On Wednesday, Citigroup said it would sell 5.4 billion shares of stock at a price of 3.15 dollars per share to help repay 20 billion dollars in government bailout loans. That price was 9 percent below where shares were trading before the announcement.

    The U.S. government also balked at the deal, stepping away from selling a portion of its nearly 34 percent stake in Citigroup.

    Citigroup shares tumbled 25 cents, or 7.25 percent, to 3.20 dollars on Thursday afternoon.

    The Dow Jones Industrial Average lost 132.86, or 1.27 percent, to 10,308.26. Broader indexes also went lower. The Standard & Poor's 500 index slipped 13.11, or 1.18 percent, to 1,096.07; and the Nasdaq fell 26.86, or 1.22 percent, to 2,180.05.