Stocks Closed Down on Fed, S&P Negative for 2015

U.S. stocks closed more than 1 percent lower on Thursday, as investors eyed several speeches from Federal Reserve officials. The Dow Jones Industrial Average fell 254.15 points, or 1.44%, to 17,448.07. The S&P 500 dropped 29.03 points, or 1.40%, to 2,045.97. The Nasdaq Composite fell 61.94 points, or 1.22%, to 5,005.08.

Cisco Systems Inc. (CSCO) fell in late trading Thursday despite beating earnings expectations, as the company predicted profits in the current quarter below analyst forecasts. Cisco reported net income of $2.4 billion, or 48 cents a share, on sales of $12.7 billion in the first quarter under Chief Executive Chuck Robbins.

Nordstrom Inc. (JWN) reported lower-than-expected third-quarter results, thanks in part to costs related to selling its credit-card business earlier this year. Nordstrom said it earned $81 million, or 42 cents a share, in the quarter, compared with 73 cents a share in the year-ago period. Sales reached $3.2 billion, compared with $3 billion a year ago.

Goldman Sachs Group Inc (GS.N) said it named 425 managing directors on Thursday, the firm’s second-highest title behind partner. A quarter of new managing directors are women, the highest percentage ever for the bank, Goldman Sachs said in a statement.

Oil prices are getting crushed and could retest August’s lows as global oversupply shows few signs of abating soon. West Texas Intermediate crude futures was down 2.6 percent on the NYMEX at $41.77 per barrel.