Stocks struggle amid tepid economic data

By msnbc.com news services

Stocks were struggling Thursday as investors weighed tepid economic data and focused on buying beaten-down stocks as the S&P 500 stock index has fallen more than 5 percent so far this month.

Earlier, data showed demand for long-lasting U.S. manufactured goods rose less than expected in April while weekly jobless claims dipped modestly for the week ended May 19.

Trading was expected to be volatile as regional data out of Europe showed some deterioration in economic activity and investors remained concerned about Greece's possible exit from the euro zone.

"Wednesday's roller-coaster action was nothing short of impressive. Bulls battled back in the latter half of the session, and appear ready to do so again today," said Karee Venema, analyst at Schaeffer's Investment Research in Cincinnati, adding that the Dow is struggling to climb above the 12,500 level.

Surveys showed Europe's major economies suffered a contraction in their manufacturing activities and the German business climate deteriorated.

Shares of Facebook edged higher. The social network?s stock close Wednesday at $32, down 16 percent from its $38 IPO price.

After the close of stock market trade on Wednesday, electronic trader Knight Capital Group said it suffered a pre-tax loss of $30 million to $35 million on the botched Nasdaq trading debut of social media giant Facebook and is demanding the exchange compensate that amount. The loss, which Knight said will be recorded in its second-quarter results, was due to numerous problems related to the Facebook initial public offering.

Also after the stock market close on Wednesday, Hewlett Packard Co said it plans to lay off roughly 27,000 employees or about 8 percent of its workforce over the next couple of years to jumpstart growth and save up to $3.5 billion annually.

EU leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the euro currency, said late on Wednesday they were committed to Greece remaining in the euro zone but urged the country to complete the reforms demanded under its bailout program.

Reuters contributed to this report.

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