Stocks Ended 2015 on Downward Note

U.S. stocks ended sharply lower on Thursday, as both the S&P 500 and the Dow Jones Industrial Average snapped multiyear winning streaks. The Dow Jones industrial average fell 178.84 points, or 1.02%, to 17,425.03. The S&P 500 lost 19.42 points, or 0.94%, to 2,043.94. The Nasdaq Composite dropped 58.44 points, or 1.15%, to 5,007.41.

Economic activity in the Midwest contracted at the fastest pace in more than six years in December, according to the Chicago Business Barometer, also known as the Chicago PMI. The index fell to 42.9 from 48.7 in November. Economists had expected it to rise 1.3 points to 50 in the December reading.

EMC Corp. (EMC) which has agreed to be acquired by Dell in one of the largest tech mergers of all time, said late Thursday that it will cut jobs as part of an $850 million restructuring plan.