http://ap.tbo.com/ap/breaking/MGB0K8447EE.htmlNEW YORK (AP) - Stocks fell modestly Thursday as new data showed continuing job losses from Hurricane Katrina and oil prices extended their advance.
New unemployment claims filings showed investors how much damage Katrina has done to the economy. The number of Americans thrown out of work by the storm climbed by another 60,000 last week, pushing the total number of unemployed workers seeking jobless benefits because of the storm to 279,000. Analysts said they expect more jobless claims to come in from both Katrina and Hurricane Rita.
Rising oil prices also depressed Wall Street. A barrel of light crude was quoted at $66.93, up 58 cents, in electronic pre-opening trading on the New York Mercantile Exchange.
Investors would have loved strong gross domestic product numbers from the Commerce Department - had they felt the numbers were relevant. The reported annual growth rate of 3.3 percent came from data gathered before Katrina and Rita. While GDP measures the value of all goods and services produced within the United States and is the best barometer of the nation's economic fitness, traders are waiting for numbers that will show the hurricanes' effect on the economy.
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