It was a down day for the markets as investors remained cautious ahead of Fed Chairman Ben Bernanke's speech from Jackson Hole, Wyoming.
The number of Americans filing for unemployment benefits last week remained unchanged, at a seasonally adjusted 374,000, according to the Labor Department.
Economists were forecasting a drop in claims to 370,000. The four-week moving average for new claims ticked up to 370,250.
The Commerce Department is reporting an increase in consumer spending, up 0.4 percent in July, marking the biggest increase in 5 months.
Sears Holdings (NASDAQ:SHLD) will be dropped from the S&P 500 next Tuesday. According to the S&P Dow Jones Indices, the company's public float has been below the 50 percent threshold for an extended period of time. Dutch chemicals company LyondellBasell (NYSE:LYB) will take its place.
In M&A news, the Carlyle Group (NASDAQ:CG) announced it would acquire DuPont's(NYSE:DD) chemical performance coatings unit in a deal worth $4.9 billion.
Tomorrow, we'll take a look at the consumer sentiment report as well as wrap up of the week's top stories.
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