BUSINESS

Stocks edge lower on Wall Street; drop in unemployment claims fails to boost the market

05/09/2013 12:12 EDT | Updated 07/09/2013 05:12 EDT
NEW YORK, N.Y. - The stock market is pulling back after surging to record levels during the past week.

Even a decline in the number of Americans applying for unemployment benefits failed to boost stock prices in midday trading Thursday.

The Dow Jones industrial average fell five points, or 0.1 per cent, to 15,099 as of noon Eastern Daylight Time.

The Standard & Poor's 500 index fell three points, or 0.2 per cent, to 1,629.

The Nasdaq composite index, which his heavily weighted with technology stocks, edged up a point at 3,414.

Tesla Motors soared 19 per cent after the electric car maker posted its first quarterly net profit since being founded a decade ago.

Green Mountain Coffee Roasters surged 25 per cent after the company reported that its net income rose 42 per cent.