Stocks Stumbled after ECB Move, Yellen Comments

U.S.stocks ended sharply lower on Thursday as European Central Bank action disappointed investors, while Janet Yellen’s comments suggested the Federal Reserve was on track to raise rates this month. The Dow Jones industrial average fell 252.01 points, or 1.42%, to 17,477.67. The S&P 500 lost 29.89 points, or 1.44%, to 2,049.62. The Nasdaq Composite dropped 85.70 points, or 1.67%, to 5,037.53.

The European Central Bank cut a key interest rate on Thursday and announced an extension of its monthly asset purchase but the euro leapt higher as financial markets signaled they had been expecting yet more stimulus.

Federal Reserve Chair Janet Yellen told Congress Thursday that economic conditions appear to be improving enough for policymakers to raise interest rates when they meet in two weeks — as long as there are no major shocks that undermine confidence.

Google today announced it will purchase 842 megawatts (MW) of clean energy, nearly a doubling of the power it’s purchased to date and taking the company to 2 gigawatts (GW) of clean energy.

A $48-billion deal that would create the nation’s largest health insurer inched closer to completion after shareholders of both Anthem and Cigna voted in favor of a buyout.Cigna Corp. said Thursday its shareholders voted to approve its previously announced merger with Anthem Inc.