Stocks Opened Lower as ECB Left Stimulus Unchanged

U.S. stocks opened lower on Thursday, after the European Central Bank kept key interest rates steady but disappointed investors who anticipated more stimulus measures. The Dow Jones Industrial Average lately lost 67.36 points, or 0.36%, to 18,458.78. The S&P 500 shed 7.00 points, or 0.32%, to 2,179.16. The Nasdaq Composite fell 27.85 points, or 0.53%, to 5,256.08.

The European Central Bank, as expected, left official interest rates unchanged on Thursday. The bank’s main lending rate, known as the refi rate, remains at 0%, while the rate paid on deposits left overnight at the ECB remains at minus 0.4%.

The number of Americans who applied for unemployment benefits last week fell by 4,000 to a two-month low of 259,000, reflecting the unwillingness of businesses to part with workers in a tight labor market despite slower economic growth.

Oil futures rose Thursday, extending their recent gains following a report of steep draw in U.S. crude inventories and another big increase in Chinese oil imports. Light, sweet crude futures for delivery in October traded up 1.6% at $46.24 a barrel. November Brent crude rose 1.3% to $48.61 a barrel.