European stock markets ended a up-and-down session modestly lower on Thursday, after the European Central Bank reaffirmed its commitment to tackle low inflation and flagging growth, but stopped short of hinting at any further stimulus measures.

Major U.S. stock indexes turned in their largest declines in two weeks Thursday, pulling back after days of edging closer to record highs. Telecommunications and utilities shares led the broad losses, which pulled the Dow Jones Industrial Average back below 18000 after the index this week closed above the milestone for the first time since July. The two sectors, considered relatively steady and safe, are up the most in the S&P 500 over the past 12 months.

Asian stocks fell Friday after Wall Street broke a three-day winning streak and declined. Investors sold traditional safe-play stocks such as phone companies and utilities as they pored over earnings for clues about the trajectory of the U.S. economy. Analysts say companies are struggling to meet profit expectations.

Based on MarketWatch materials