Wall Street: Stocks slip in early trade a day after huge rally

In this Nov. 30, 2011, photo, trader Luigi Muccitelli, left, works on the floor of the New York Stock Exchange. A rally on global markets stalled Thursday, Dec. 1, 2011, as euphoria over major central banks' coordinated cut to borrowing costs wore off and investors sought confirmation that European leaders will next week deliver a long-term solution to the debt crisis. (AP Photo/Richard Drew)

In this Nov. 30, 2011, photo, trader Luigi Muccitelli, left, works on the floor of the New York Stock Exchange. A rally on global markets stalled Thursday, Dec. 1, 2011, as euphoria over major central banks' coordinated cut to borrowing costs wore off and investors sought confirmation that European leaders will next week deliver a long-term solution to the debt crisis. (AP Photo/Richard Drew)

NEW YORK (AP) — Stocks are opening slightly lower, a day after the market had its best day in two and a half years.

Another rise in applications for unemployment benefits last week set a negative tone on Wall Street. The increase is a sign of weakness in the labor market because people are still being laid off.

Minutes after the opening bell Thursday, the Dow Jones industrial average was down 29 points, or 0.2 percent, at 12,016.

The Dow had soared 490 the day before, its biggest gain since March 2009, after central banks around the world slashed borrowing costs to shore up the global financial system.

The S&P 500 was down 4, or 0.3 percent, at 1,243. The Nasdaq fell 7, or 0.3 percent, to 2,613.

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