US stocks close lower on weak data

US stock indices fell on Thursday, after the release of lower than expected economic data.

The initial unemployment claims in the US fell to 861,000 last week, worse than forecasts of 775,000.

The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.

To the oil market, WTI crude March futures fell 1% or 62 cents, and closed at $60.52 a barrel, after hitting a day high of $62.2 and a low of $60.3.

Brent April futures fell 0.8% or 41 cents, and closed at $63.93 a barrel, after hitting a high of $65.5 and a low of $63.6.

As for stocks, Dow Jones fell 0.4% or 119 points, and closed at 31,493, with a day high of 31,558, and a low of 31,285.

Nasdaq fell 0.7% or 100 points to 13,865, after hitting a high of 13,905 and a low of 13,714.

S&P 500 fell 0.4% or 17 points to 3,921, after hitting a high of 3,921 and a low of 3,885.