Dow And S&P 500 Close Lower For Fifth Straight Session

(RTTNews) - While selling pressure was somewhat subdued, stocks moved mostly lower over the course of the trading day on Thursday. Concerns about the outlook for the Federal Reserve's stimulus program continued to weigh on the markets.

After regaining some ground in the previous session, gold stocks showed a substantial move back to the downside on the day. The NYSE Arca Gold Bugs Index tumbled by 2.7 percent, more than offsetting yesterday's gain and hitting a new five-year closing low.

The pullback by gold stocks came amid a decrease by the price of the precious metal, with gold for February delivery sliding $15.30 to $1,231.90 an ounce.

Banking stocks also came under pressure over the course of the session, dragging the Dow Jones Banks Index down by 1.3 percent. JP Morgan (JPM) and Citigroup (C) posted notable losses.

Significant weakness also emerged among software stocks, with Microsoft (MSFT) leading the way lower amid indications that Ford (F) CEO Alan Mulally will not become the software giant's new chief executive.

Telecom and utilities stocks also moved to the downside on the day, while some strength was visible among networking and natural gas stocks.

The major averages ended the day in the red, with the Dow and the S&P 500 closing lower for the fifth straight session. The Dow fell 68.26 points or 0.4 percent to 15,821.51, the Nasdaq edged down 4.84 points or 0.1 percent to 4,033.17 and the S&P 500 slid 7.78 points or 0.4 percent to 1,785.03.