Stocks Ended Sharply Lower, weighed by Tech

U.S. stocks closed sharply lower on Thursday as technology shares suffered the worst of the beating following disappointing results from Cisco Systems. The Dow Jones Industrial Average dropped 274.14 points, or 1.24%, to 21,750.73. The S&P 500 declined 38.10 points, or 1.54%, to 2,430.01. The Nasdaq Composite fell 123.19 points, or 1.94%, to 6,221.91.

Oil prices finished in the green on Thursday, as traders continued to weigh data showing the biggest weekly fall in U.S. crude supplies in 11 month. September West Texas Intermediate crude added 31 cents, or 0.7%, to settle at $47.09 a barrel. October Brent crude added 76 cents, or 1.5%, to $51.03 a barrel.

Cisco Systems Inc. (CSCO) reported July quarter (fiscal fourth-quarter) revenue of $12.13 billion (down 4% annually) and adjusted EPS of $0.61 (down 3%). EPS was in line, while revenue slightly beat a $12.07 billion analyst consensus.

Gap Inc. (GPS) posted better-than-expected quarterly results and raised its 2017 earnings outlook. The company reported its second-quarter earnings more than doubled to $271 million, or 68 cents a share, from $125 million, or 31 cents a share, a year earlier. On an adjusted basis, Gap would have earned 58 cents. Revenue slipped to $3.8 billion from $3.85 billion. The company raised its 2017 adjusted earnings per share outlook to a range of $2.02 to $2.10.