Stocks Ended Lower, S&P 500 Below 2000

U.S. stocks ended lower on Thursday despite the European Central Bank cut interest rates to record lows and a flurry of economic data indicated the U.S. economy was steadily improving. The Dow Jones Industrial Average closed down 8.70 points, or 0.05%, to 17,069.58. The S&P 500 lost 3.07 points, or 0.15% to 1,997.65. The Nasdaq Composite fell 10.28 points, or 0.22%, to 4,562.29.

U.S. companies hired workers at a steady clip in August and services sector activity accelerated to 6-1/2-year high, assurances the economy was on track for sturdy growth in the third quarter. Payrolls processing firm ADP said private-sector payrolls increased by 204,000 last month after rising by 212,000 in July, with gains spread across a range of industries.

In a separate report, the Institute for Supply Management said its services index rose to 59.6 last month, the highest reading since its inception in January 2008, from 58.7 in July. A reading above 50 indicates expansion in the vast services sectors. A subindex of service industry jobs showed strong growth for the sixth straight month.

The gap between the richest Americans and the rest of the nation widened after the Great Recession, a survey by the Federal Reserve showed on Thursday, suggesting deepening U.S. income inequality.

A hacker broke into part of the HealthCare.gov insurance enrollment website in July and uploaded malicious software, according to federal officials.

A judge’s ruling in the 2010 Gulf of Mexico oil spill case that could cost BP an additional $17.6 billion in fines sent the
company’s shares tumbling Thursday.