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Stocks Close Lower; AmEx Leads Dow; Microsoft Jumps After Hours

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The major averages gave up their intraday gains to close back in the red Thursday, as sliding oil prices, weak economic data and mixed earnings reports weighed.

The Dow Jones industrial average fell 0.2%, while the S&P 500 and Nasdaq eased 0.1% each. Volume was mixed; slightly lower on the NYSE but higher on the Nasdaq, according to preliminary figures.

Tool makers, drugstores and steel stocks led the upside in the stock market today. Snap-On (SNA) gapped up and surged 7%, retaking its 50-day and 200-day lines in heavy trade. The hand and power tools maker reported mixed Q3 results as earnings topped but sales missed estimates.

Walgreens Boots Alliance (WBA) leapt 5% in healthy volume, regaining its 200-day line but stopping just short of its 50-day line. The drugstore operator's fiscal Q4 profit beat views, but revenue missed. It also extended its merger deadline with Rite Aid (RAD) as it seeks regulatory approval for the deal. Walgreens announced plans last year to acquire Rite Aid for $17.2 billion. Rite-Aid vaulted 7% Thursday.

American Express (AXP) was the Dow's biggest winner, up 9% in heavy volume. Shares gapped up past the 50-day and 200-day moving average lines to their highest level in over nine months. The credit card provider reported strong earnings after the close Wednesday.

Microsoft (MSFT) jumped 5% after the close on better-than-expected fiscal Q1 results. The Xbox and Surface maker's stock closed the regular session with a 0.5% loss as it works on a flat base with a 58.80 buy point.

The biggest blue chip loser was Travelers (TRV), down 6% in heavy trade to its lowest close since late April. The insurance giant reported Q3 profit that fell 18% from last year and missed views.

EBay (EBAY) gapped down and tumbled 11% after reporting Q3 results that topped forecasts but Q5 revenue guidance that disappointed. The stock triggered a sell rule as it wiped out an 11% gain from a 29.93 buy point cleared in July. It's now 3% below the entry.

In economic news, weekly jobless claims rose 5% to 260,000, above expectations for 250,000 claims. The Philly Fed business outlook survey for October came in at 9.7, down from September's 12.8 reading.

A light economic data schedule Friday includes Baker-Hughes' weekly rig count. The Fed's Daniel Tarullo and John Williams are also slated to speak.

Earnings reports are due from General Electric (GE), Honeywell (HON), McDonald's (MCD) and SunTrust Banks (STI).

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