U.S. stocks closed lower Thursday on news of ongoing weakness in Europe, some weak economic reports, and a warning of soft sales from Wal-Mart. In U.S. economic news, the National Association of Realtors reported that existing home sales rose 0.4 percent in January. But the number of homes for sale dropped to the lowest level in more than 13 years. Initial jobless claims rose to 362,000 last week, coming in higher than economists were expecting. The Consumer Price Index was unchanged month-over-month in January, and up 1.6 percent from a year ago. Core CPI, which strips the price of food and energy, increased 0.3 percent month-over-month in January, and 1.9 percent from a year earlier. In international economic news, a survey of purchasing managers showed that Europe's downturn worsened in February. The index has been stuck below 50 for a year, indicating the services sector has been contracting. In corporate news, Wal-Mart reported earnings that beat forecasts but said sales had softened during the quarter. The retailer also hiked its annual dividend by 18 percent. Tesla shares sank 9 percent after the electric-car maker posted a wider-than-expected loss for the fourth quarter. --More
