Stocks End Lower as ECB Disappoints
Stocks ended lower in trading on Thursday as the European Central Bank (ECB) disappointed investors by not announcing any immediate measure to stem the euro zone debt crisis. However, all three major indexes pared some of their losses in late trading to finish off session lows.
The Dow Jones ended the day 0.71% lower at 12,878.88, the S&P 500 ended the day 0.74% lower at 1,365, and the Nasdaq ended the day 0.36% lower at 2,909.77.
All sectors in the S&P 500 ended lower on Thursday. Energy sector led the losses in the S&P 500, ending the day 1.52% lower. Financials also fell sharply on Thursday, ending the day 1.03% lower. Basic Materials sector ended the day 1.06% lower. Utilities ended the day 1% lower.
Among the major losers in trading on Thursday were Aeropostale Inc. (NYSE: ARO), which ended the day 32.75% lower at $13.08, Halozyme Therapeutics Inc. (NASDAQ: HALO), which ended the day 49.77% lower at $4.30, Knight Capital Group Inc. (NYSE: KCG), which ended the day 62.82% lower at $2.58, Sealed Air Corp. (NYSE: SEE), which ended the day 16.77% lower at $13.15, and Abercrombie & Fitch Co. (NYSE: ANF), which ended the day 14.58% lower at $29.06.
On the economic front, a report released on Thursday showed that factory orders for the month of June dropped 0.5%. Economists were expecting factory orders to rise 0.5% in June. Meanwhile, the Labor Department reported that initial jobless claims for the week ended July 28 rose to 365,000. Investors are now focusing on the all-important non-farm payrolls for the month of July, which will be released on Friday.
European markets also fell on Thursday, with the FTSE 100 Index in London ending the day 0.88% lower, and the CAC 40 Index in Paris ending the day 2.68% lower. Asian markets also ended mostly lower on Thursday.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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