Stocks Closed Lower as Financials Slumped

U.S. stocks closed down on Thursday, retreated from record level, as financial stocks slumped. The Dow Jones Industrial Average shed 112.58 points, or 0.53%, to 21,002.97. The S&P 500 was down 14.04 points, or 0.59%, to 2,381.92. The Nasdaq Composite fell 42.81 points, or 0.73%, to 5,861.22.

Oil prices headed lower for a third consecutive session on Thursday to log their lowest finish in about three week, after U.S. government data showed that domestic crude inventories hit a record and production edged higher last week. April West Texas Intermediate crude fell $1.22, or 2.3%, to settle at $52.61 a barrel. May Brent crude lost $1.28, or 2.3%, to $55.08 a barrel.

Snap shares closed their first day of trading up 44 percent at $24.48 a share, quenching a long drought in the market for tech IPOs. The company, trading under the ticker SNAP, priced its public offering at $17 a share on Wednesday.

Struggling appliance and electronic retailer HHGregg announced Thursday it is planning to close 88 “underperforming” stores nationwide. The Indianapolis-based company also said it is closing three distribution and delivery centers located in Brandywine, Maryland, Miami, Florida, and Philadelphia, Pennsylvania.