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Stocks closed lower in thin trading Thursday after a round of interest rate cuts by major central banks and as investors remained cautious ahead of Friday’s key government jobs report.
“We’re not expecting markets to do much in the next two days except churn,” said Kenny Polcari, managing director of ICAP Equities.
The Dow Jones Industrial Average fell 47.15 points to close at 12,896.67, led by JPMorgan and BofA. The Dow was down more 90 points at the lows of the session.
The S&P 500 slipped 6.44 points to end at 1,367.58. The Nasdaq eked out a gain of 0.04 points to finish at 2,976.12.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, closed above 17.
Among the key S&P sectors, financials led the laggards, while techs gained.
Stocks initially tumbled at the open after grim comments from ECB President Mario Draghi and a round of interest rate cuts by major central banks.
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