Shares of G-III Apparel Group Ltd. fell Tuesday after the clothing maker reported a first-quarter loss, while analysts expected a profit, and an analyst downgraded the stock.

THE SPARK: G-III Apparel reported after the markets closed Monday that it lost money in its fiscal first quarter as rising expenses hurt its results. Its revenue rose slightly more than expected.

THE BIG PICTURE: Like most clothing makers, the company -- which holds licenses to make products under such brands as Calvin Klein, Sean John and Kenneth Cole -- is facing steeply higher cotton costs and gas and labor costs.

THE ANALYSIS: This was the second quarter in a row when its gross margins fell below expectations, Stifel Nicolaus analyst Jim Duffy said Tuesday morning. The company also faces rising costs and slowing sales growth rates.

Stocks are closing slightly lower as worries about Europe's debt crisis overshadowed a rebound in oil prices.

Oil closed above $99 per barrel Tuesday after major banks raised their forecasts for crude prices. Energy companies including Chevron Corp. and Exxon Mobil Corp. rose, but most other industries fell.

Greece's main opposition party said it opposed the government's latest attempts to reduce debt. The news further dampened hopes that Greece would repair its finances.

The Dow Jones industrial average rose 25 points, or 0.2 percent, to close at 12,356. The S&P 500 index fell 1 point to 1,316. The Nasdaq fell 13, or 0.5 percent, to 2,746.

Falling shares outpaced rising ones by a small margin on the New York Stock Exchange. Trading volume was 3.5 billion shares.

Stocks fell in morning trading Thursday and bond yields hit a low for the year after disappointing reports about the U.S. jobs market and economic growth.

The Labor Department said more people applied for unemployment benefits last week, the first increase in three weeks. The number of people seeking benefits rose by 10,000 to 424,000, more than analysts were expecting.

Applications are above the 375,000 level that indicates sustainable job growth. Applications peaked at 659,000 during the recession. Employers stepped up hiring this spring, but some economists worry that rising applications indicate a slowdown in hiring.

The Commerce Department said the economy grew at a sluggish 1.8 percent in the January-March quarter as surging gasoline prices and sharp cutbacks in government spending overshadowed strong corporate earnings. Consumer spending grew at just half the rate of the previous quarter, and less than previously estimated. A surge in imports widened the U.S. trade deficit.

In early trading, the Dow Jones industrial average fell 68 points, or 0.6 percent, to 12,326. The Standard & Poor's 500 fell 5, or 0.4 percent, to 1,315. The Nasdaq composite dropped 4, or 0.1 percent, to 2,759.

The weak economic news drew investors toward safer assets, pushing the yield on the 10-year Treasury note to 3.08 percent, its lowest level this year. It was trading at 3.15 percent shortly before the economic reports came out. Bond yields fall when their prices rise.

More people applied for unemployment benefits last week, the first increase in three weeks and evidence that the job market is still sluggish.

The number of people seeking benefits rose by 10,000 to a seasonally adjusted 424,000, the Labor Department said Thursday. No states cited extreme weather as a factor in the increase, a department spokesman said. Tornadoes and floods have devastated several states in the Midwest and South in the past month.

Applications are above the 375,000 level that is consistent with sustainable job growth. Applications peaked at 659,000 during the recession.

"The job market isn't exactly improving with leaps and bounds," Jennifer Lee, an economist at BMO Capital Markets, said in a note to clients. "Businesses are hiring but are likely holding back until they're more comfortable and confident with the current economic environment."

Still, the four week average, a less volatile measure, declined for the first time in seven weeks to 438,500.

Employers stepped up hiring this spring, but some economists worry that rising applications indicate hiring is slowing.

A separate report showed that the economy grew 1.8 percent in the January-March quarter, a slowdown from the 3.1 percent annual pace recorded in the October-December period. Consumer spending grew at a much slower pace, as shoppers were held back by high unemployment and $4 a gallon gas.