Stocks Slide at End of Session

After a rocky morning, markets wavered through midday and slid sharply towards the close, following the release of some mixed economic data.

The Dow closed down 87 points, at 10,366.  The S&P 500 fell 9 points to 1,100, and the Nasdaq fell 12 points to 2,173.

Markets rose in the morning after the Department of Labor reported 457,000 initial jobless claims for the week ending November 28, a drop of 5,000 from the previous week.  Economists had expected claims to rise.  This afternoon's selloff indicates that investors remain nervous about tomorrow's monthly report on the employment situation.

The Institute of Supply Management's November non-manufacturing index showed contraction, falling unexpectedly to 48.7.  New orders still showed expansion, at 55.1, but at a slightly slower rate than October's 55.6.

Chain stores reported same-store sales for November today, and results disappointed analysts.  Target (TGT) said comparable same-store sales were down 1.5% over the previous year.  J. C. Penney (JCP) saw sales fall 5.9%, and Macy's (M) said same-store sales were down 6.1%.  

Comcast (CMCA) and General Electric (GE) announced a deal in which Comcast will get a 51% stake in NBC Universal.  GE will get $8 billion in cash when the deal closes.

Bank of America (BAC) announced late Wednesday that it would repay $45 billion in bailout money it received through the TARP program.  Shares were up 3% in afternoon trading, but gave up some gains by the close.

Federal Reserve Chairman Ben Bernanke faced criticism at a confirmation hearing before the Senate Banking Committee today.

In international markets, the Nikkei Stock Average of 225 companies rose 3.8% and the FTSE 100 was up 0.5% in London.

Dow Jones Newswires contributed to this report.