(MENAFN- ProactiveInvestors) U.S. stocks fell Thursday afternoon as investors took in disappointing bank earnings as well as mixed economic data and news that the Swiss National Bank unexpectedly scrapped its cap on the franc today.
Stocks moved in and out of negative territory during a volatile session this morning. As of noon in New York the Dow Jones Industrial Average was down 77 points at 17350 while the Nasdaq lost 40 points to 4599 and the S&P 500 shed 12 points to 1999.
The SNB surprisingly removed its currency ceiling and implemented a rate cut which rocked commodity and equity markets globally. Oil soared initially on the Swiss move but moved back solidly into negative territory. WTI crude for February delivery was last down 58 cents at $47.87 a barrel.
Gold also soared on the shock SNB move up $29 at $1263 an ounce in New York.
The news from Switzerland also combined with mixed economic data and earnings Thursday.
On the economic calendar jobless claims for the week ending January 9 rose by 19000 to 316000 topping the 300000 mark for the first time since Thanksgiving. Economists had expected claims to total 295000.
Meanwhile US producer prices saw their biggest plunge in December in more than three years dropping 0.3% on account of cheaper gas. The Philadelphia Fed's January survey posted a reading of 6.3 well below consensus expectations for 19.
In corporate activity (NYSE:BAC) reported profit and revenue below expectations impacted by a drop in fixed income trading revenue. Shares fell more than 3.8%.
Citigroup () also shed 3.4% as earnings dropped in its latest quarter and revenue fell short of estimates.
() meanwhile reported earnings that beat estimates though revenue came in slightly below expectations with shares off some 0.7%. The investment advisory firm also raised its quarterly dividend by 13% and bolstered its stock buyback program.
() issued earnings that were above estimates with revenue in line with forecasts as the home builder reported a 22% increase in new orders.
Elsewhere (NYSE:) said it is planning to cut 300 jobs from its North Sea business following a review of its operations amid falling oil prices while Apache () will also lay off several hundred employees cutting 5% of its workforce this week.
Caesar Entertainment (ZR) said it has filed for Chapter 11 bankruptcy for its largest operating unit. () shed more than 21% after a report in the Wall Street Journal indicated the company may file for bankruptcy protection as soon as next month.
BlackBerry (NASDAQ:BBRY) sunk more than 19% after denying a report that Samsung was in talks to potentially acquire the Canadian smartphone maker. Shares of BlackBerry had rocketed up 30% late yesterday as the initial report emerged.
() fell over 12% after the consumer electronics retailer said it didn't expect the improvement in sales seen during the holiday period to extend into the new year.
Target () shares rose 2% after the company said it is exiting its loss-making business in Canada as it doesn't see the region making a profit until at least 2021.
European markets closed sharply higher today with shares in France leading the region. Asian markets also closed up with China's Shanghai Composite rising 3.5%.
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