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Stocks closed lower Thursday, after a sharp fall in oil prices, while investors parsed through key U.S. economic data, and digested a key European Central Bank decision on interest rates.
The Dow Jones Industrials moved lower 40.27 points to 18,162.35, with American Express leading advancers and Travelers the top decliner.
The S&P 500 dropped 2.95 points to 2,141.34, with telecommunications leading six sectors lower and health-care the biggest riser.
The NASDAQ composite index slipped 4.58 points to 5,241.83
In corporate news, earnings season carried on, as Dow components Travelers and Verizon both posted quarterly results. Travelers beat estimates on both earnings and revenues, while Verizon missed on revenue while beating on profits.
American Express reported better-than-expected results, sending its shares more than 10% higher. That said, eBay shares dropped more than 10%, despite beating Street estimates, after lowering its earnings guidance for the fourth quarter.
As of 9 a.m. ET Thursday, 79% of the 99 S&P 500 components that had reported beat Wall Street consensus estimates on earnings, while 63% exceeded expectations on revenues
In U.S. economic news, weekly jobless claims rose by 13,000 to 260,000, but notched their 85th straight week coming in below 300,000, the longest period since 1970. Meanwhile, the Philadelphia Federal Reserve Business Index for October came in at 9.7, below September's 12.8.
Other economic data released Thursday included existing home sales, which rose 3.2% last month. Leading indicators for September, meanwhile, rose 0.2%.
The ECB kept interest rates unchanged, as was widely expected. Facing high unemployment, weak growth and ultra low inflation, the ECB has provided extraordinary stimulus in recent years, cutting interest rates deep into negative territory and pushing the cost of credit to all-time lows, hoping to jump start growth.
Prices for the 10-year Treasury were lower, hiking yields to 1.75% from Wednesday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.17 at $50.31 U.S. a barrel
Gold prices slipped $2.80 to $1,267.10 U.S. an ounce.
