Stocks Trim Recent Gains In Quiet Dealing -- US Commentary

(RTTNews) - U.S. stocks were slightly weaker Thursday as traders booked recent profits amid renewed concerns about the domestic economy.

Weakness emerged in the energy sector as July WTI oil settled at $50.56/bbl on Nymex, down 67 cents, or 1.3%, falling from a 10-month peak.

In economic news, wholesale inventories rose significantly more than expected in April, according to new government statistics released Thursday.

A report from the U.S. Commerce Department showed that wholesale inventories advanced 0.6 percent in April after rising by a revised 0.2 percent in March. Economists had expected a gain of just 0.1 percent.

Meanwhile, the number of people filing first-time unemployment benefits unexpectedly dipped last week.

The U.S. Labor Department revealed that initial jobless claims came in at 264,000 for the week ended June 4. This was down 4,000 from the previous week's revised level of 268,000.

Looking overseas, China's inflation eased unexpectedly in May on food inflation and producer prices dropped at a slower pace, providing room for further stimulus to prop up growth, if needed.

The S&P 500 eased 3.64 points, or 0.2%, to close at 2,115.48.

The Dow Jones Industrial Average slipped 19.73 points, or 0.1%, to 17,985.12. Meanwhile, the Nasdaq Composite ended the session down 16.03 points, or 0.3%, at 4,958.62.