Stocks Closed Sharply Lower as Banks and Technology Tumbled

U.S. stocks closed sharply lower on Thursday as banks and technology companies tumbled. The Dow Jones Industrial Average sank 174.09 points, or 0.98%, to 17,541.96. The S&P 500 fell 24.75 points, or 1.20%, to 2,041.91. The Nasdaq Composite declined 72.35 points, or 1.47%, to 4,848.37.

Oil settled lower on Thursday after data showed higher weekly inventories at the U.S. crude storage base despite a pipeline outage. Brent futures settled down 41 cents, or about 1 percent, at $39.43 a barrel, retracing losses from the session low that saw Brent down more than $1, or nearly 3 percent. U.S. crude futures finished down 49 cents at $37.26, after tumbling as low as $36.69.

San Francisco Fed President John Williams can support at least two interest-rate hikes this year as uncertainty over the global outlook fades, Fox Business Network reported on Thursday, citing an interview conducted earlier in the day.

Valeant Pharmaceuticals International Inc said on Thursday its lenders had agreed to give it an extra month to file its annual report, providing breathing room for the embattled drugmaker as it tries to win back investor confidence.

Teen apparel retailer Pacific Sunwear of California Inc (PSUN.O) filed for Chapter 11 bankruptcy protection on Thursday, succumbing to mounting losses and intense competition from fast-fashion retailers and online rivals.