Stocks open lower as fiscal stimulus hopes fade

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U.S. stocks fell at the open Thursday as investors grew increasingly pessimistic about additional economic support from Washington. The Dow Jones Industrial Average lost 76 points, 0.3%, to open near 26,687, while the S&P 500 was down 13 points, 0.4%, near 3,224. The Nasdaq Composite dropped 82 points, or 0.8%, and started trading near 10,551. On Thursday, the Labor Department said more Americans applied for first-time jobless benefits and the number of people on the unemployment rolls also increased. Shares of Bed Bath & Beyond Inc. bucked the downtrend on Thursday, gaining more than 4% in early trade as investors rewarded the stay-at-home economy and the company scored a price-target increase from UBS.
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