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government debt rose. U.S. stocks fell. JOB MARKET TIGHTENING A second report from the Labor Department also struck an optimistic note on the job market. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 267,000 for the week ended May 28, the department said. Claims have now been below 300,000, a threshold associated with a strong labor market, for 65 straight weeks, the longest streak since 1973. The four-week moving average of claims, considered a bettermeasure of labor market trends as it irons out week-to-weekvolatility, fell 1,750 to 276,750 last week. The slightly elevated four-week average continues to reflect a spike in applications early in May, which economists blamed on the Verizon labor dispute and different timings for school spring breaks, which often make it difficult to adjust the data for seasonal fluctuations. In a third report, global outplacement consultancy Challenger, Gray & Christmas said job cuts announced by U.S.-based employers fell 53 percent to 30,157 in May.