IBT Staff Reporter

Stocks fell 1 percent on Thursday, with Dow and Nasdaq seven-day winning streaks on the line, as anemic economic data overshadowed better-than-expected quarterly profits from JPMorgan Chase & Co .

The dollar hit a two-month low against the euro and a basket of major currencies on Thursday as soft inflation and manufacturing data added to concern about the strength of the U.S. economy. Data showing third straight monthly decline in producer prices came a day after Federal Reserve meeting minutes revealed policymakers think they may need to do more to boost the economy if a sputtering recovery slows any further.

New weekly claims for jobless benefits fell to their lowest level in nearly two years while industrial production eked out a small gain in June, but producer prices fell for a third month providing more evidence that economic growth is slugglish.

U.S. producer prices fell for a third straight month in June, pulled down by weak food and energy costs, according to a government report on Thursday that supported views the Federal Reserve would maintain its low interest rate policy well into 2011.

The broadest overhaul of U.S. financial rules since the Great Depression is likely to clear a crucial hurdle in Congress on Thursday morning, paving the way for President Barack Obama to sign the measure into law.

The dollar hit a two-month low against the euro and a basket of major currencies on Thursday after soft inflation and manufacturing data sparked concern about the strength of the U.S. economy. Data showing a third straight monthly decline in producer prices came a day after Federal Reserve meeting minutes showed policymakers think they may need to do more to boost the economy if a sputtering recovery slows any further.

The Slovak government approved the euro zone's emergency loan facility on Thursday, yielding to pressure from its European partners to drop its resistance. The euro area's poorest member, led by the new centre-right cabinet of Prime Minister Iveta Radicova, had been holding up the 750-billion euro European Financial Stability Facility (EFSF) after objections to bailouts became a campaign issue in the country's June election.

GlaxoSmithKline expects to record a legal charge of 1.57 billion pounds ($2.4 billion) for the second quarter after settling the substantial majority of claims relating to its controversial diabetes pill Avandia.

U.S. stock index futures pointed to a higher open on Thursday as JPMorgan Chase & Co reported better-than-expected earnings and initial jobless claims fell to their lowest level in nearly two years.

New claims for jobless benefits fell to their lowest level in nearly two years, but a sharp pullback in manufacturing activity in New York state added to evidence of a slowing economic recovery.

U.S. nutritional supplements maker NBTY Inc said it agreed to be bought by private-equity firm Carlyle Group for $3.8 billion.

New claims for unemployment insurance fell more than expected last week to their lowest level in nearly two years as seasonal layoffs eased at factories, government data showed on Thursday.

The dollar fell to a two-month low against the euro and a basket of currencies on Thursday after dovish U.S. Federal Reserve minutes heightened concerns about the outlook for the U.S. economy. Fed officials last month felt they should be ready to consider additional steps to boost the U.S. economy if an already softening outlook took a noticeable turn for the worse.

JPMorgan Chase & Co posted higher second-quarter earnings on Thursday, beating analysts' expectations, after setting aside less money for loan losses.

Stock index futures were higher on Thursday after better-than-expected quarterly profits from JPMorgan Chase & Co allayed concerns about the strength of the financial sector.

Kohlberg Kravis Roberts & Co's long-awaited listing on the Big Board brings a wide investor audience to the iconic private equity firm and could be a bellwether for rivals looking to follow suit.

Till now India has been the biggest consumer of gold but gold exchange traded funds (ETFs) were not much popular in India. However, things are changing fast in India. More and more people are now putting their money on Gold ETFs. As a sign of this, India's gold collection under exchange-traded funds rose 76 per cent in June from a year ago to 10.453 tonnes.

Stock index futures were higher on Thursday after better-than-expected quarterly profits from JPMorgan Chase & Co allayed concerns about the strength of the financial sector.

Oil reversed early losses and rose toward $78 a barrel on Thursday after a bounce in equities overshadowed earlier news pointing to flatter economic growth in the world's number two oil consumer China. European shares turned positive after JP Morgan Chase & Co reported second-quarter earnings, adding to evidence of the strong correlation between oil and equities.

Markets are relatively patient about the budget-cutting efforts of Britain, the United States, Germany and Japan, but that could change if governments are slow to act, OECD chief Angel Gurria said on Thursday.

Apple Inc finds itself on unfamiliar ground heading into its earnings report next week: on the defensive.

GlaxoSmithKline expects to record a legal charge of 1.57 billion pounds ($2.4 billion) for the second quarter after settling the substantial majority of claims relating to its controversial diabetes pill Avandia.

JPMorgan Chase & Co posted higher second-quarter earnings on Thursday after setting aside less money for loan losses.

Agricultural Bank of China's $19 billion IPO made a lackluster debut in Shanghai, weighing on the market and underscoring the difficulty other Chinese banks will face tapping investors for billions more.

The United States and Europe are slowly pulling out of the economic crisis, General Electric Co chairman and chief executive Jeffrey Immelt told la Repubblica daily in an interview on Thursday.

Wall Street is set to open lower on Thursday, with economic growth worries flagged up by the Federal Reserve and by Chinese data, and with investors eyeing results from JP Morgan as the second-quarter earnings season gathers pace.

The dollar hit a two-month low against the euro and a basket of currencies on Thursday after dovish U.S. Federal Reserve minutes triggered concerns about the outlook for the U.S. economy. Federal Reserve officials slightly revised down their economic growth outlook, while minutes from the central bank's June 22-23 meeting said further policy stimulus may need to be considered if the outlook worsened.

China's economy cooled in the second quarter, a slowdown that is likely to extend over the rest of the year as Beijing steers monetary and fiscal policy back to normal after a record credit surge to counter the global crisis.

China's economy cooled in the second quarter, a slowdown that is likely to extend over the rest of the year as Beijing steers monetary and fiscal policy back to normal after a record credit surge to counter the global crisis.