A handful of anemic economic reports sent stocks lower this morning and the markets added to their losses later in the day.
There was a slight dip in the number of Americans filing unemployment benefits last week, but not by much. Weekly applications fell by 2,000 to a seasonally adjusted 387,000, according to the Labor Department.
The four-week moving average however, rose to 386,250, which marks the highest level since December.
Meanwhile, the National Association of Realtors is reporting a 1.5 percent drop in existing home sales in May, to an annual rate of 4.55 million units.
That number was in line with economists' expectations.
ConAgra Foods (NYSE:CAG) narrowly beat earnings expectations, though sales fell short. The packaged food company attributed the loss to a change in accounting for pensions.
Chesapeake Energy (NYSE:CHK) has named a new chairman to replace Audrey McClendon, the CEO who has been under scrutiny in the past few weeks. The company also announced it has named five new independent directors, including the new chairman.
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