Stocks on roller coaster as crude declines
U.S. stocks swung sharply Thursday as a drop in oil prices undid gains that followed moves by the European Central Bank to bolster the euro-zone's economy.
After a triple-digit jump, the Dow industrials fell 103 points in morning trade before closing at 16,995, a loss of five points on the day. The S&P 500 finished flat at 1,990, while the Nasdaq Composite declined 12 points, or 0.3 percent, to 4,662.
On the New York Mercantile Exchange, crude-oil futures fell 2.6 percent to $37.30 a barrel.
The ECB cut its benchmark interest rates and expanded the bank's asset buying program. Stocks trimmed gains, however, as ECB President Mario Draghi signaled Thursday's rate reductions would likely not be repeated.
U.S. economic data had claims for jobless benefits declining last week to a four-month low. The Labor Department reported claims fell by 18,000 to 259,000 in the period ending March 5.