Stocks Closed Lower as Tech Shares Sunk

U.S. stocks finished sharply lower on Thursday as investors shifted out of tech stocks. The Dow Jones industrial Average fell 158.13 points, or 0.74%, to 21,320.04. The S&P 500 declined 22.79 points, or 0.94%, to 2,409.75. The Nasdaq Composite dropped 61.39 points, or 1.00%, to 6,089.46.

Oil prices finished modestly higher on Thursday, as U.S. government data revealed that domestic supplies of crude registered their largest fall in five weeks. August West Texas Intermediate crude tacked on 39 cents, or 0.9%, to settle at $45.52 a barrel. September Brent oil rose 32 cents, or 0.7%, to $48.11 a barrel.

Microsoft is overhauling its big sales and marketing organization in a move that will cut 3,000 to 4,000 jobs, mostly outside the United States.

QVC and Home Shopping Network, two of the most well-known TV home-shopping hubs, are combining further as they look at aggressive growth by Amazon (AMZN) and consumer shopping habits shifting to internet-based retail. Liberty Interactive (QVCA), which owns QVC and already owns 38 percent of HSN, will buy the rest of Home Shopping Network for about $2.6 billion in a stock deal.