Last updated March 11, 2010: 12:45 PM ET --- The major U.S. equity indices are trading lower Thursday after China reported a jump in inflation for February. The Chinese consumer price index, which tracks inflation at the retail level, rose 2.7%. The Labor Department reported that the number of people applying for unemployment benefits fell by 6,000 last week, which is the second decline in a row. Initial claims fell to a seasonally adjusted 462,000 from a revised 468,000. In corporate news, BP (NYSE:BP) said it will pay $7 billion to acquire exploration rights from Devon Energy Corp. (NYSE:DVN). The Dow Jones Industrial Average (DJI) is trading 0.18% lower at 10,548.36, the S&P500 (INX) is trading 0.22% lower at 1,143.11, and the Nasdaq Composite (IXIC) is trading 0.19% lower at 2,354.41.