Stocks closed lower Thursday, after a worse-than-expected report on business conditions in the mid-Atlantic region. News of a bulge in U.S. oil inventories sent oil stocks lower.
The Dow Jones industrial average dropped 142.96, to 12,284.30. Boeing, Chevron and General Motors were the biggest contributors to the loss. Only three of the 30 Dow industrials — Verizon Communications, AT&T and Wal-Mart Stores — rose.
An index of business conditions compiled by the Federal Reserve Bank of Philadelphia dropped to a level many economists equate with a recession.
As a result, Treasury securities rallied across all maturities, sending interest rates lower.
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Technology stocks slipped. Research In Motion, maker of the popular BlackBerry personal communications device, bucked the trend. Shares rose $8.78, or nearly 9 percent, to $106.69. The company boosted its estimate of new subscribers.
American Railcar Industries climbed $2.39, or 11 percent, to $24.24, reflecting much better-than-expected earnings per share in the latest quarter.
GM dropped $1.24, or nearly 5 percent, to $24.30, on news of a safety investigation concerning the Pontiac Vibe.
Locally, private-educational-services provider Career Education, based in Hoffman Estates, sank $1.79, or more than 10 percent, to $15.71, after the company late Wednesday reported a sharp drop in profit amid a crunch in the market for student loans.
New York Stock Exchange trading volume reached 1.42 billion shares, down from 1.47 billion Wednesday. Losers outnumbered winners by nearly a 3-1 ratio among NYSE-listed stocks. Nasdaq volume slipped to 2.22 billion from 2.26 billion Wednesday, as losers topped winners by a 7-3 ratio.
Crude oil for April delivery fell $1.47 a barrel, to $98.23, after settling above $100 the last two days.