Stocks Opened Lower; ECB Signaled No QE This Year

U.S. stocks opened lower on Thursday, weighed down by the European Central Bank signaling that it will wait until next year for additional stimulus measures. The Dow Jones Industrial Average lately lost 39.01 points, or 0.22%, to 17,873.61. The S&P 500 was down 4.27 points, or 0.21%, to 2,070.06. The Nasdaq Composite gained 1.10 points, or 0.02%, to 4,775.57.

European Central Bank policy makers will gauge the need for further stimulus at the beginning of 2015, President Mario Draghi said as he unveiled “substantially” lower forecasts for inflation and growth.

The number of people who applied for new unemployment benefits in the last week of November fell back below the 300,000 mark, signalling continued improvement in the labor market. Initial jobless claims dropped by 17,000 to 297,000 in the week ended Nov. 29, a week that included the Thanksgiving holiday.

Barnes & Noble Inc. (BKS:US), the largest U.S. bookstore chain, will buy back Microsoft Corp.’s stake in its Nook business as the company prepares to spin off the e-reader unit.

Sears Holdings Corp.’s loss widened in its October quarter on a 13% drop in revenue. The results, however, came in above Wall Street’s expectations. For the quarter ended Nov. 1, Sears posted a loss of $548 million, or $5.15 a share, compared with a loss of $534 million, or $5.03 a share a year earlier. Revenue fell 12.9% to $7.21 billion.

Retailer Express Inc. lowered its guidance for the year, anticipating weak mall traffic in the holiday season, while its third-quarter earnings and sales fell amid a fiercely promotional environment. The company now expects earnings between 69 cents and 76 cents a share, down from its previously raised projection of 85 cents to 95 cents a share.