Markets fall as jobless claims rise

An increase in first time applications for unemployment benefits sent the markets lower during the midday with the Dow dropping 64 points to 17,977. Nasdaq added 2 points to 4,865.


On the upside


Cliffs Natural Resources (NYSE: CLF) swung to a better than expected profit for the first quarter.


TheStreet's Adam Feurstein suggested that Sarepta Therapeutics (Nasdaq: SRPT) could still win FDA approval for its Duchenne muscular dystrophy drug eteplirsen.


First quarter earnings for Facebook (Nasdaq: FB) nearly tripled to surpass analyst expectations as revenue soared.

On the downside


Ocwen Financial (NYSE: OCN) fell to a greater than expected loss for the first quarter as revenue tumbled.


LifeLock (NYSE: LOCK) widened losses for the first quarter and forecast current quarter earnings below estimates.


IPG Photonics (Nasdaq: IPGP) disappointed with lower first quarter earnings that fell short of expectations and forecast second quarter results that missed estimates.


In the broad market, advancing issues were on par with decliners on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The broader S&P 500 held steady at 2,094. Bitcoin slipped $1 to $445.

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