Wall Street dips at open on stronger U.S. dollar

By IBTimes Staff Reporter | January 07 2010 10:24 AM

Wall Street opened slightly lower on Thursday as the U.S. dollar strengthened after the government reported that initial jobless claims rose less than expected.

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The Dow Jones industrial average <.DJI> fell 21.24 points, or 0.20 percent, to 10,552.44. The Standard & Poor's 500 Index <.SPX> dropped 1.56 points, or 0.14 percent, to 1,135.58. The Nasdaq Composite Index <.IXIC> shed 0.27 point, or 0.01 percent, to 2,300.82.

The dollar index <.DXY> rose 0.4 percent.

A day ahead of key government payrolls data, the Labor Department said weekly initial jobless claims increased by 1,000 to a seasonally adjusted 434,000 after declining for two consecutive weeks. Economists forecast claims at 447,000.

(Editing by Jeffrey Benkoe)