Stocks slip, a day after biggest rally in 2 years (AP)
NEW YORK ? Stock indexes are drifting lower in midday trading, a day after the market had its best day in two and a half years. Bank stocks and energy companies fell the most.
The Labor Department said initial applications for unemployment benefits rose to 402,000 last week. The increase means that layoffs are rising slightly.
The Dow Jones industrial average is down 40 points, or 0.3 percent, at 12,005 as of 11:45 a.m.
The Dow soared 490 points the day before, its biggest gain since March 2009, after central banks around the world slashed borrowing costs to shore up European banks and avert a deeper credit crisis.
The S&P 500 index is down 4 points, or 0.4 percent, to 1,242. The Nasdaq composite is down less than 1 point to 2,619.
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