US STOCKS-Markets fall on data, but P&G results limit losses

                                

                                
 * Initial jobless claims higher than expected
                                
 * Durable goods rise less than forecast in December
                                
 * Outlooks from Motorola and Qualcomm hit tech shares
                                
 * Indexes down: Dow 0.8 pct, S&P 0.7 pct, Nasdaq 1.3 pct
                                
 * For up-to-the-minute market news, click [STXNEWS/US]
                                
 (Updates to market open)
                                
 By Ryan Vlastelica
                                
 NEW YORK, Jan 28 (Reuters) - U.S. stocks fell on Thursday
after weaker-than-expected data on durable goods and jobless
claims fueled uncertainty about the economy's recovery, and
outlooks from Motorola and Qualcomm hit tech shares.
                                
 Initial jobless claims fell in the latest week, though not
as much as expected, while durable goods orders rose in
December, but to a level below that forecast by a Reuters poll
of economists. For details, see [ID:nN28241916] and
[ID:nN27129988]
                                
 "We used to think we would start creating jobs in the first
half of the year, but datapoints like this suggest that's less
likely," said Michael Sheldon, chief market strategist at RDM
Financial in Westport, Connecticut. "The longer it takes to
create jobs, the more uncertain the recovery becomes."
                                
 Quarterly results from 3M Co <MMM.N> and AT&T Inc <T.N>
pushed indexes lower. 3M shares fell 0.8 percent to $81.67 and
AT&T fell 0.7 percent to $25.45.
                                
 Procter & Gamble Co <PG.N> , though, was the top gainer on
the Dow, rising 2.9 percent to $62.57 after it reported
second-quarter earnings that beat expectations and raised its
sales outlook for the year. [ID:nN28193572]
                                
 The Dow Jones industrial average <.DJI> dropped 62.65
points, or 0.62 percent, to 10,189.66. The Standard & Poor's
500 Index <.SPX> shed 7.36 points, or 0.65 percent, to
1,090.40. The Nasdaq Composite Index <.IXIC> fell 25.80 points,
or 1.16 percent, to 2,195.03.
                                
 The Nasdaq was pressured a day after Qualcomm Inc <QCOM.O>
gave a revenue outlook that was below expectations, sending the
stock down 13 percent. [ID:nN27200838]
                                
 Motorola Inc <MOT.N>fell 11 percent to $6.60 after it said
it would post an unexpected loss for the current quarter.
[ID:nN28191547]
                                
 Late Wednesday President Barack Obama gave his first State
of the Union speech, which had no new plans to tighten Wall
Street oversight. Obama promised not to abandon his struggle to
overhaul healthcare, placing stocks in related sectors in the
spotlight. [ID:nOBAMA]
                                
 Tenet Healthcare <THC.N> fell 0.7 percent to $5.35 while
Pfizer Inc <PFE.N> slid 0.7 percent to $18.86 and Merck & Co
<MRK.N> edged 0.6 percent lower to $38.41.
                                
 Also in Washington, U.S. Federal Reserve Chairman Ben
Bernanke's nomination for a second term appeared headed for a
Senate vote on Thursday, and polls show he has a majority
needed to overcome efforts to block his appointment.
[ID:nLDE60R11G]
  (Editing by Padraic Cassidy)