No new highs Thursday: Stocks stall, Dow loses 114

The Dow's run at a record high stalled Thursday amid a drop in blue chip shares as traders react to the European Central Bank leaving interest rates unchanged and mixed U.S. economic data.

After rising in seven of the past eight previous trading sessions and climbing to its highest level since July and within 1.2% of a new record high, the Dow Jones industrial average ended down 114 points, or 0.6%.

As expected, the ECB stood pat on interest rates earlier Thursday and began the implementation of its larger asset-purchase program, which now totals 80 billion euros a month, it announced at its March meeting. "The focus is now on implementation," the ECB said in a statement. In a press conference, ECB president Mario Draghi did not rule out future rate cuts to fight low inflation and stagnant growth in the eurozone.

In economic data, April manufacturing in the Phladelphia region fell into negative territory at -1.6 well below the March reading of 12.4 and analysts' forecast of +9. Leading economic indicators for March rose 0.2%, a tad lower than the 0.4% estimate.

Wall Street got more strong news on the jobs front. Weekly first-time jobless claims fell 6,000 to 247,000, the lowest reading since 1973, according to Barclays.

Stocks in Europe were mostly lower after the ECB decision. The broad Stoxx Europe 600 index was off 0.3%, the German DAX was up 0.1% and the CAC 40 in Paris was 0.2% lower.

Shares were mostly higher in Asia. Japan's Nikkei 225 soared 2.7% and stocks in Hong Kong rose 1.8%.

Adam Shell on Twitter: @adamshell.