The Labor Department said Thursday that initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week. That was slightly above analysts' expectations of 635,000.
Morgan Stanley says it lost $578 million, after paying preferred dividends, in the first quarter, hurt by the deteriorating commercial real estate market.
Parent of Pershing and Dreyfus cuts dividend to nine cents a share from 24 cents, to save $700M a year.
Stocks are still sliding following a Conference Board report that its March index of leading economic indicators has fallen 0.3%.
Stocks are slipping following a Philadelphia Federal Reserve report that regional manufacturing shrank again in April.
UBS AG, Switzerland's largest bank, said today it expects a first quarter loss of nearly 2 billion Swiss francs ($1.75 billion) and announced plans to cut 8,700 jobs worldwide by the end of next year.
Charles Schwab says its earnings fell 29% in the first quarter, but results easily beat Wall Street's expectations.
