U.S. Stocks Slip on ECB Inaction; Intel to Spinoff McAfee

U.S. stocks fell Thursday as the European Central Bank kept key interest rates unchanged. The ECB also made no changes to its quantitative easing program, saying it will remain intact until March 2017 'or beyond.' Christopher Wright, a cross-asset strategist at UBS Wealth Management, based in Zurich, wasn't surprised by the move and said the ECB wants more time to gauge the fallout from the historic June 23 Brexit vote. Meanwhile, Weekly jobless claims fell by 4,000 to 259,000, while analysts has expected a rise to 264,000. Intel (INTC) - Get Report shares were in focus after announcing intentions to spin off its cyber security arm McAfee, which it purchased in 2010 for $7.68 billion. Private equity firm TPG will take a 51 percent stake in McAfee for $1.1 billion. TheStreet's Scott Gamm reports from Wall Street.