U.S stocks retreated on Thursday as investors focused on less risky assets as well as cautious comments made by the head of the European Central Bank. Bobbi Rebell reports.
U.S. stocks in the red on Thursday- as oil prices fall and investors turned to less risky assets like bonds. European Central Bank President Mario Draghi warned that monetary policy alone would not prevent economic risks in the region which faces weak productivity and low growth. European markets fell as well, down for the second straight day. Charlie Price of the Aston-Pictet International fund SOUNDBITE: CHARLIE PRICE SENIOR PRODUCT SPECIALIST, ASTON-PICTET INTERNATIONAL FUND (ENGLISH) SAYING: Charlie Price Senior Product Specialist of the Aston-Pictet International fund "If the european central banker is not showing great confidence that what he has done so far is capable of producing the result that is needed, that is a concern for Europe, it is a concern for international markets, it's going to be a concern for U.S. investors as well. " Weekly jobless claims unexpectedly fell last week. That is a sign of strength, even though the employment report for May showed a sharp slowdown in hiring. Yahoo sale update: a source tells Reuters Verizon did not submit the highest offer in the second round of bidding for Yahoo's core assets. Yahoo is expected to put together a new short list of bidders in the coming days and solicit binding offers. Tesla will offer two slightly lower-priced versions of its electric Model S sedan. Though they will have slightly less range than the current model S, they will be as much as 10 thousand dollars cheaper with a starting price as low as $66,000. JM Smucker stock soaring after quarterly net sales surged 25 percent on rising demand for products like its Folgers and Dunkin' Donuts branded coffee.