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U.S. stocks close lower amid mixed data

2019-03-08 08:17

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NEW YORK, March 7 (Xinhua) -- U.S. stocks ended lower on Thursday, as investors digested mixed U.S. economic data and the European Central Bank's (ECB) moves to cut its economic growth forecast for 2019.

The Dow Jones Industrial Average decreased 200.23 points, or 0.78 percent, to 25,473.23. The S&P 500 decreased 22.52 points, or 0.81 percent, to 2,748.93. The Nasdaq Composite Index fell 84.46 points, or 1.13 percent, to 7,421.46.

Shares of American Eagle Outfitters declined 0.38 percent, after the U.S. apparel giant posted fourth-quarter revenue that missed analysts' forecast, despite a better-than-expected quarterly profit.

Ten of the 11 primary S&P 500 sectors traded on a downbeat note, with the financials sector down over 1 percent, leading the laggards among the groups.

ECB President Mario Draghi said Thursday the central bank slashed its growth forecast to 1.1 percent, down from an estimate of 1.7 percent released in December last year.

On the economic front, the net worth of U.S. households and nonprofits dropped, for the first time in more than three years, according to figures released Thursday by the U.S. Federal Reserve.

Nonfarm business sector labor productivity rose 1.9 percent in the fourth quarter of 2018, the U.S. Bureau of Labor Statistics said Thursday.

The increase came as output was up 3.1 percent and hours worked up 1.2 percent, pointing to a strong labor sector. 

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