Stocks open year's final session little changed

Wall Street is little changed in the final session of a dreadful year as investors take some comfort from a sharp drop in weekly unemployment claims and focus on the prospects for 2009.

Trading is expected to proceed quietly Wednesday as many investors have closed their books on the year. The Dow Jones industrial average is down 35 percent for 2008, while broader indexes are down about 40 percent. It marks the worst year for the Dow since 1931. Wall Street is hoping the economy will rebound in the second half of 2009.

The market was heartened by a government report that initial applications for unemployment benefits fell by 94,000 to 492,000 for the week ending Dec. 27. The drop is greater than analysts had expected, although applications remain at very high levels.

The Dow Jones industrials are up 30 at 8,698. Other major indexes are essentially flat.

(Copyright 2008 by The Associated Press. All Rights Reserved.)