Stocks Battered on Down Day
NEW YORK (TheStreet) -- Major U.S. equity indices closed lower Thursday after European Central Bank President Mario Draghi warned of risks to the eurozone economy. In addition, U.S. economic data came in weaker than expected.
The Dow Jones Industrial Average was off 42 points, or 0.3%, to 13,944.
Boeing said it would propose battery design changes to minimize fire hazards for its grounded 787 Dreamliner, according to a Wall Street Journal article. The company said it hopes its embattled plane would begin to fly as soon as March. Boeing shares were up 1.5%.
Volumes totaled 3.56 billion on the Big Board and 1.95 billion on the Nasdaq. Losers led winners by a 1.3-to-1 ratio on the New York Stock Exchange and a 1.6-to-1 ratio on the tech-heavy index.
The Labor Department reported nonfarm business productivity dipped 2% in the fourth quarter. The number was higher than the 1.3% decrease a consensus among economists had expected. The report comes a week after a surprise 0.1% contraction in gross domestic product last Wednesday.