Close Update: Stocks Fall to Pare Week's Gains as Oil Retreats

Stocks pulled back on Thursday, trimming a week of gains as oil futures fell and a mixed slate of economic data didn't offer any clear direction ahead of next week's Federal Reserve interest-rate meeting.

Verizon ( VZ ) led declines on the blue-chip Dow Jones Industrial Average after reporting revenue that fell short of expectations. That dragged down the S&P 500's telecommunications services sector, which posted a 2.9% fall near the close.

US oil futures were trading down about 1.4% late in the day to $43.58 a barrel, pulling down the S&P 500's energy sector, which slipped 0.4%. The utilities group was down 2.2% and consumer staples fell 1.6%. Health care stocks were the lone gainers, rising 0.5%.

In economic data, Initial unemployment claims fell to a 42-year low of 247,000 last week but the Philadelphia Fed business outlook index fell to negative 1.6 reading in April from positive 12.4 in March, missing expectations for a small decline to a positive 9 reading.

Housing prices improved slightly while the Chicago Fed national activity index contracted to negative 0.44 in March from a downward revised negative 0.38 the prior month.

The Federal Open Market Committee meets from April 26 to 27.

Here's where the markets stood at the close:


Dow Jones Industrial Average was down 113.75 points (-0.63%)

S&P 500 was down 10.92 points (-0.52%)

Nasdaq Composite Index was down 2.24 points (-0.05%)


FTSE 100 was down 0.45%

Nikkei 225 was up 2.7%

Hang Seng Index was up 1.82%

Shanghai China Composite Index was down 0.66%


(+) CEQP (+42.1%) Forms strategic joint venture with ConEdison ( ED ) to develop existing assets

(+) NOW (+14.07%) Reported better-than-expected Q1 EPS and revenue

(+) VIA (+11.84%) Announces deal with DISH Network

(+) UA (+6.78%) Q1 results beat Wall Street expectations, raised FY16 outlook


(-) TRXC (-52.32%) Surgical system denied fast FDA clearance

(-) SRPT (-44.09%) Negative FDA clinical review of Duchenne muscular dystrophy drug eteplirsen

(-) NGVC (-32.83%) Preliminary Q2 results below Wall Street expectations

(-) TBI (-22.8%) Reported better-than-expected Q1 EPS, on below consensus revenue, guides Q2 and FY16 below street estimates

(-) UAL (-9.98%) Projects decline in Q2 passenger revenue

(-) VZ (-3.34%) Q1 revenues miss, Q2 earnings pressure seen

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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