Stocks Erase Gains in Late Trading
NEW YORK (TheStreet) -- Major U.S. stock averages dived in the final hour of trading on Thursday, reversing day-long gains, as a lower-than-expected revision in fourth-quarter gross domestic product data offset better-than-anticipated Chicago business activity and jobless claims reports.
The markets have largely continued to shrug off sequestration deadline concerns, with the Dow still hovering near its all-time closing high of 14,164 as monetary stimulus reassurances offset the fiscal drag. The Dow peaked at 14,149.15 on Thursday.
The Dow Jones Industrial Average lost 20.88 points, or 0.15%, to 14,054.
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