Dow tumbles by 150 points

Stocks opened lower on Thursday as concern about the economy grew among traders following the release of disappointing unemployment data and a dour economic outlook from the Federal Reserve. 

The Dow Jones Industrial Average dropped 152 points, or 0.5 percent. The S&P 500 slid by 0.6 percent and the Nasdaq Composite fell by 0.4 percent, CNBC reports.

U.S. weekly jobless claims were 1.106 milion last week, the Labor Department reported. Economists polled by Dow Jones estimate that 923,000 first-time applicants filed for unemployment benefits during the week ended Aug. 15. In the week prior, the tally had dropped below 1 million for the first time since mid-March.