Stocks fall as stronger dollar weighs

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By Rodrigo Campos

NEW YORK (Reuters) - U.S. stocks fell on Thursday as a stronger dollar weighed on commodity-linked shares and a guarded outlook from Wal-Mart Stores Inc led to worries about the strength of consumer spending.

The market declined from 13-month highs hit on Wednesday and threatened to snap a six-day streak of higher closes by the Dow industrials.

The dollar rose against other major currencies <.DXY>, bolstered by a report showing initial U.S. weekly jobless claims had fallen to their lowest level since January.

The greenback's rise weighed on dollar-denominated commodities, including crude oil futures, which fell 2.7 percent. The S&P integrated oil and gas index <.GSPOILI> fell 1.4 percent, with shares of Chevron Corp , Hess Corp and Occidental Petroleum Corp down more than 1 percent.

"As the S&P 500 has gone above 1,100, it has had a hard time holding on to gains," said Quincy Krosby, market strategist at Prudential Financial in Shelton, Connecticut.

"In order to get to the next level up, it does need a strong catalyst, and most of the time the stronger dollar has been a negative for the market."

The Dow Jones industrial average <.DJI> lost 25 points, or 0.58 percent, to 10,232.01. The Standard & Poor's 500 Index <.SPX> dropped 7.35 points, or 0.67 percent, to 1,091.16. The Nasdaq Composite Index <.IXIC> fell 9.90 points, or 0.46 percent, to 2,157.00.

Wal-Mart, the world's largest retailer, reported a higher quarterly profit and its shares rose 0.6 percent to $53.30, but it forecast earnings for the key holiday quarter that could miss Wall Street's consensus estimate.

Concern about consumer spending weighed on the S&P retail index <.RLX>, which fell 0.4 percent.

Advance Micro Systems Inc rose 22.6 percent to $6.52 and was the most traded stock on the New York Stock Exchange after it agreed with fellow chipmaker Intel Corp to settle all outstanding legal disputes. Intel will pay AMD $1.25 billion as part of the settlement.

Network equipment maker 3Com Corp gained 31.6 percent to $7.49 after Hewlett-Packard Co said on Wednesday it has agreed to buy the company for $2.7 billion. Hewlett-Packard shed 0.6 percent to $49.72.

Shares of Brocade Communications Systems Inc fell 13.3 percent to $8.02 after a brokerage questioned the company's ability to gain market share after news of the deal between Hewlett-Packard and 3Com.

(Editing by Kenneth Barry)

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