The market is also aware of a speech he will give the Federal Reserve chairman, Ben Bernanke.Shares of big tech companies were among the biggest losers and the Nasdaq fell more than the Dow and the S & P 500.
Technology shares have been regarded as a barometer of economic growth. Shares of Cisco Systems fell 2.4 percent to $ 20.70, while Intel's stock slid 1.6 percent to $ 18.18 and Wall Street falls.
Stocks initially rose by data that showed initial claims for jobless benefits fell more than expected last week, but the number was still too high to show a change in the labor market.
Wall Street falls
The four-week average of initial claims, considered the best measure of trends, rose to the highest level since late November.
"The best thing you can say the optimists is that recovery is stabilizing, is no longer accelerating," said Linda Duessel, market strategist at Federated Investors."We think this is a soft patch and not a relapse into recession, but the market is setting the price and more for a relapse," he added.The Dow Jones industrial average lost 74.25 points, or 0.74 percent to 9985.81 points. The Standard & Poor's 500 gave up 8.11 points, or 0.77 percent to 1047.22 points. The Nasdaq Composite Index fell 22.85 points, or 1.07 percent to 2118.69 points.
It was the first time since July 6, the Dow closed below the psychologically important level of 10,000 points. From that time the market rebounded and chained seven consecutive sessions of gains.In his Friday speech, Bernanke may discuss the outlook for the economy, but is not expected to provide clues about whether the U.S. central bank will inject more cash into the economy to sustain ongoing recovery and Wall Street falls.
After the recent string of dismal economic data, there are fears that the GDP figures to show that the economy is weaker than originally thought.
It is expected that the reading of the Government is in a growth of 1.4 percent, below the 2.4 percent estimated a month ago.Estimates range from a range of 0.9 to 2.2 percent, according to a Reuters poll.
In the technical picture, investors are still looking for the level expected of 1,040 points on the S & P acted as a support. Some consider that a drop below that level would be a buying opportunity, as seen on Wednesday when the benchmark index briefly lost.In deal news, Dell Inc raised its bid for the data storage company 3PAR Inc. to $ 1,600 million, slightly higher than the rival Hewlett-Packard Co.
HP has released a revised proposal after the closing bell, sending a rise of 7.2 percent, to $ 27.90, the shares of 3PAR in electronic trading and Wall Street falls.
The four-week average of initial claims, considered the best measure of trends, rose to the highest level since late November.
It was the first time since July 6, the Dow closed below the psychologically important level of 10,000 points. From that time the market rebounded and chained seven consecutive sessions of gains.In his Friday speech, Bernanke may discuss the outlook for the economy, but is not expected to provide clues about whether the U.S. central bank will inject more cash into the economy to sustain ongoing recovery and Wall Street falls.
After the recent string of dismal economic data, there are fears that the GDP figures to show that the economy is weaker than originally thought.
It is expected that the reading of the Government is in a growth of 1.4 percent, below the 2.4 percent estimated a month ago.Estimates range from a range of 0.9 to 2.2 percent, according to a Reuters poll.
In the technical picture, investors are still looking for the level expected of 1,040 points on the S & P acted as a support. Some consider that a drop below that level would be a buying opportunity, as seen on Wednesday when the benchmark index briefly lost.In deal news, Dell Inc raised its bid for the data storage company 3PAR Inc. to $ 1,600 million, slightly higher than the rival Hewlett-Packard Co.
HP has released a revised proposal after the closing bell, sending a rise of 7.2 percent, to $ 27.90, the shares of 3PAR in electronic trading and Wall Street falls.
HP shares closed down 0.1 percent to $ 38.22, while Dell fell 0.3 percent to $ 11.75.
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