Stocks stumble for a 2nd day as oil sinks to a one-month low

Traders
work on the floor of the New York Stock Exchange shortly after
the opening bell in New York
Thomson
Reuters

Stocks slipped Thursday as Wall
Street fretted over Federal Reserve signals they interpreted as
more hawkish than expected, cementing fears about rising rates
that had led to a global sell-off last week.

The Dow Jones industrial average
fell 0.59%, or more than 100 points. The Nasdaq composite shed
0.68%, and the S&P 500 was down 0.55%.

Solid corporate earnings reports
have provided some distraction from rate jitters.


Blackstone

topped Wall
Street expectations, posting an 11% rise in third-quarter
earnings.


Paypal

and


American Express

are
set to report after the bell.

In the latest sign of a
tightening labor market, US jobless claims fell more than
expected to record lows last week. New applications for
unemployment benefits dropped by 5,000 to a seasonally adjusted
210,000, the Labor Department said, a level not seen in four and
a half decades.

Some are worried the Federal
Reserve could raise borrowing rates at a pace that may become
slightly restrictive, in attempt to keep inflation in check and
the economy from overheating. The central bank signaled

in minutes out a day
earlier

that it was on
track to gradually continue tightening, with one more hike this
year and around three in 2019.

The greenback held close to its
highest level in a week following the minutes, trading at 95.6 on
the US
dollar index. Treasury yields climbed nearly three basis
points, with the 10-year at 3.211% and the 30-year at
3.384%.

Oil prices continued to slide
past its lowest level in nearly a month as focus shifted to a
steady rise in US stockpiles and away from worries about

sanctions against
Iran

. Inventories have
been climbing for a month, though analysts think data could be
skewed by recent hurricanes and extreme weather delaying
exports. 

West
Texas Intermediate

fell to about $68 per barrel, and


Brent

was trading
around $78. Both were trading near one-month lows.