How the Dow Jones industrial average and other major indexes fared on Thursday

Markets Associated Press

A slump in oil prices weighed on the stock market Thursday, pushing the Standard & Poor's 500 index to its third straight loss.

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Stocks had started the day higher after the European Central Bank surprised investors by announcing that it had cut its benchmark interest rate to a record low and planned to purchase asset-backed securities in an effort to stimulate the region's ailing economy.

The Dow Jones industrial average fell 8.70 points, or 0.1 percent, to 17,069.58.

The Standard & Poor's 500 index slipped 3.07 points, or 0.2 percent, to end at 1,997.65.

The Nasdaq composite dropped 10.28 points, or 0.2 percent, to 4,562.29.

For the week:

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The Dow is down 28.87 points, or 0.2 percent.

The S&P 500 is down 5.72 points, or 0.3 percent.

The Nasdaq is down 17.98 points, or 0.4 percent.

For the year:

The Dow is up 492.92 points, or 3 percent.

The S&P 500 index is up 149.29 points, or 8.1 percent.

The Nasdaq is up 385.70 points, or 9.2 percent.