Global Stocks: U.S. stock indices declined amid low oil prices

U.S. stock indices fell on Thursday weighed by declines in oil prices.

The Dow Jones Industrial Average fell 253.25 points, or 1.4%, to 17,495.84. The S&P 500 lost 31.18 points, or 1.5%, to 2,041.89 (nine out of its 10 sectors fell; utilities edged up 0.1%). The Nasdaq Composite dropped 68.58 points, or 1.4% to 5,002.55.

In the previous session all three indices posted significant gains after the Federal Reserve raised its interest rate by 25 basis points to a range of 0.25%-0.50% expressing confidence in the U.S. economy. However later investors turned their attention to persistent concerns over global oil supply glut.

The U.S. Department of Labor reported that the number of initial jobless claims declined by 11,000 to 271,000 in the week ending December 12. Economists had expected 275,000 claims. These data point to stability in the labor market.

Meanwhile Philadelphia Fed Manufacturing Survey showed that the index of business activity fell to -5.9 points in December from 1.9 in November. Economists had expected the index to decline to 1.5.

This morning in Asia Hong Kong Hang Seng declined 0.12%, or 26.48, to 21,845.58. China Shanghai Composite Index climbed 0.12%, or 4.42, to 3.584.42. The Nikkei fell by 1.38%, or 267.31, to 19,086.25.

Asian indices traded mixed.

Japanese stocks rose after the Bank of Japan announced an additional program to purchase ETFs at annual pace of 300 billion yen ($2.45 billion). However later stocks declines as new measures were considered modest. Declines in U.S. equities weighed on stocks as well.