* Jobless claims unexpectedly fall in latest week
* Barnes & Noble soars after TechCrunch report of Microsoft
* Tesla Motors and Groupon soar after results
* Indexes off: Dow 0.1 pct, S&P 0.2 pct, Nasdaq 0.1 pct
By Angela Moon
NEW YORK, May 9 (Reuters) - U.S. stocks edged lower on
Thursday, coming off their record highs, as signs of improvement
in the latest data on the labor market was not enough of a
catalyst to add to the recent upward momentum.
Financials and technology stocks, which were market leaders
for the past couple of days, were among the top decliners as
profit-taking took place.
The S&P 500 financial sector index was off 0.5
percent and the info technology sector fell 0.3
Data showed weekly jobless claims fell to a five-year low
but market reaction was muted with Wall Street coming off a
sustained rally that took the S&P 500 to record closing highs
for five straight sessions.
"We've had such a consistent upward move that investors need
some real new news to keep the momentum going," said Rick
Meckler, president of hedge fund LibertyView Capital Management
LLC in Jersey City, New Jersey.
"The jobless claims were a good number but not enough of a
new news. Investors want to see really something that shows a
good pick up in the economic activity."
The market's uptrend has been boosted by strong corporate
earnings and an accommodative monetary environment from the
Federal Reserve, which analysts say makes stocks cheaper than
other asset classes on a valuation basis. Investors have used
any market declines in 2013 as a buying opportunity.
The Dow Jones industrial average was down 14.86
points, or 0.10 percent, at 15,090.26. The Standard & Poor's 500
Index was down 3.21 points, or 0.20 percent, at 1,629.48.
The Nasdaq Composite Index was down 4.27 points, or 0.13
percent, at 3,409.00.
The S&P 500 has climbed about 14.2 percent so far this year,
while the Dow has advanced about 15.1 percent and the Nasdaq has
gained 13 percent. Still, the market remains below overbought
territory, with the relative strength index on the S&P slightly
While moves have been slight this week - the S&P rose just
0.5 percent on its strongest day - the three major U.S. stock
indexes have ended sessions higher than where they began, an
indication that positive momentum will continue. Trading volumes
have been below average, however, which could indicate a lack of
Shares of Barnes & Noble Inc jumped 20 percent to
$21.38, after hitting a fresh 52-week high after web publication
TechCrunch reported that Microsoft Corp was considering
an offer to acquire all of Nook Media's digital assets for $1
Microsoft shares were down 1.1 percent at $32.62.
Tesla Motors Inc jumped nearly 20 percent to $66.47
a day after posting adjusted earnings that were three times what
analysts were expecting as the company sold more cars than it
had initially forecast.
News Corp reported earnings late Wednesday that
beat expectations while revenue rose 14 percent. Rupert
Murdoch's media company also said it was on track to split off
its slow-growing publishing business by the end of June. Shares
rose 4.3 percent to $33.22.
Groupon Inc posted revenue growth of 7.5 percent in
the first quarter, more than analysts had expected. Shares
jumped 13 percent to $6.31.
With about 440 S&P 500 components having reported, earnings
have largely been better than expected this quarter, with the
majority of companies surpassing estimates. Still, most
companies have missed revenue expectations.