A slump in oil prices weighed on the stock market Thursday, pushing the Standard & Poor’s 500 index to its third straight loss.
Stocks had started the day higher after the European Central Bank surprised investors by announcing that it had cut its benchmark interest rate to a record low and planned to purchase asset-backed securities in an effort to stimulate the region’s ailing economy.
The Dow Jones industrial average fell 8.70 points, or 0.1 per cent, to 17,069.58.
The Standard & Poor’s 500 index slipped 3.07 points, or 0.2 per cent, to end at 1,997.65.
The Nasdaq composite dropped 10.28 points, or 0.2 per cent, to 4,562.29.
For the week:
The Dow is down 28.87 points, or 0.2 per cent.
The S&P 500 is down 5.72 points, or 0.3 per cent.
The Nasdaq is down 17.98 points, or 0.4 per cent.
For the year:
The Dow is up 492.92 points, or 3 per cent.
The S&P 500 index is up 149.29 points, or 8.1 per cent.
The Nasdaq is up 385.70 points, or 9.2 per cent.