Investors Mull Over Negative Economic Reports

1st time jobless claims rose to 586,000, a 26-year high, from 556,000 the previous week.  Consumer spending fell for a 5th straight month while incomes narrowly contracted.  The Dow edged up 32 points to 8452 while Nasdaq slipped a point to 1520.

On the upside

Wal-Mart Stores (NYSE: WMT) announced a settlement to pay as much as $640 million across 63 lawsuits involving wage and hour violations.

Owens-Illinois (NYSE: OI) was added to the S&P 500.  The company produces glass containers.

Industrial real estate investment trust ProLogis (NYSE: PLD) sold its Chinese operations and Japanese equity stakes for $1.3 billion in cash.

On the downside

Truck, bus and engine maker Navistar International (NYSE: NAV) announced that it would restate financial results and boost its earnings results.

YRC Worldwide (Nasdaq: YRCW) cancelled a debt tender offer and announced a $150 million contract to sell and lease back some of its facilities.

Cameco (NYSE: CCJ) was downgraded by an analyst.  The Canadian company develops and produces uranium  in Canada, the U.S., and Central Asia.

In the broad market, declining issues outpaced advancers by a margin of 6 to 5 on the NYSE and by nearly 5 to 4 on Nasdaq.  The Russell 2000 which tracks small cap stocks slipped a point to 466.