By msnbc.com news services
Stocks traded lower as afternoon began Thursday as investors continued to deal with relatively good news about the U.S. economy tempered with concerns about Europe?s debt issues.
Just past 12:15 Eastern, the Dow Jones Industrial Average was 0.26 percent lower. The S&P was off 0.66 percent. The Nasdaq was down 1.10 percent. Stocks fell at the opening of trading, and although the Dow was positive for some of the morning, the S&P and Nasdaq remained in negative territory.
Stocks, already lower, plunged in the last two hours of trading Wednesday after Fitch Ratings put out a report saying U.S. banks could take a big hit if Europe's debt crisis spreads.
Those applying for first time jobless benefits hit a seven-month low last week, the Labor Department said, raising hopes hiring may be picking up. Housing starts also fell less than expected in October.
Spain and France struggled with government bond auctions, throwing into sharp relief the threat of larger euro zone economies succumbing to the debt crisis that began in Greece and is already lapping at Italy?s shores.
Spanish bond yields hit 6.98 percent Thursday, their highest level since 1997, at a 10-year auction. A French bond auction also saw high yields.
The 7 percent mark is viewed by investors as unsustainable, with both Greece and Portugal forced to seek bailouts at similar levels, as Spain was pulled deeper into the euro zone debt crisis ahead of a parliamentary election on Sunday.
Associated Press contributed to this report.
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