Stocks ended mixed as investors welcomed a slight dip in jobless claims but remained cautious amid ongoing uncertainty in Greece and the rest of Europe. The number of jobless claims fell 1,000 to 367,000 in the latest week, while economists had expected the report to show 365,000 claims. The U.S. trade deficit widened to $51.8 billion in March from $45.5 billion in February, narrower than the $53 billion expected. China reported import and export growth that was slower than expected, rising new concerns from investors around the globe about a so-called hard landing for China's economy. Tech stocks fell deeper into the red, brought low by a downbeat forecast from Cisco Systems that put particular pressure on stocks of other corporate IT vendors. Cisco slid 10.5% after in-line results for its April quarter and a disappointing forecast for the current period, citing a weakening spending environment for corporate tech. After the closing bell J.P. Morgan Chase & Co. fell 6.9% as the co. said it had a “significant” mark-to-market losses in its synthetic credit portfolio. Implied volatility inched below the 20 level on moderate trading volumes.
