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Comment (NEW YORK, July 29 (Xinhua) -- Wall Street declined on Thursday after a Federal Reserve official made cautious comments on the U.S. economy.
The market was higher at the open on Thursday after data from the Labor Department showed the number of people filling for jobless benefits dropped by 11,000 to 457,000 in the week ended July 24, basically in line with market expectation.
The drop in initial claims suggests the layoffs may be easing, but the level of claims still indicated that the labor market will be slow to recover as employers are still reluctant to hire.
Market sentiment was also boosted earlier by the latest string of strong corporate earnings and economic data from across the globe.
Most notably, data from Europe showed the recovery in the continent was stronger than economists' expectation, easing some concerns that the slowdown in Europe will put the global growth in jeopardy.
However, markets dipped afte...
