Stocks closed lower across the board Thursday as traders digested comments from Fed Chair Jerome Powell who reiterated concerns about the pandemic, despite progress on the vaccine front. This as Chicago became the latest city to toughen up pandemic restrictions.

POWELL ON PANDEMIC 

"With the virus spreading now it could be a challenging two months," he said during a Q&A session at the European Central Bank Forum.

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Energy and material shares paced the selloff, while consumer staples fell the least out of the largest S&P groups.

INITIAL CLAIMS, INFLATION DATA IN THE SPOTLIGHT

Powell's remarks followed initial jobless claims that came in at 709,000, better than the 725,000 analysts were expecting. Continuing claims came in at 6.786 million, also better than the 6.9 million that was expected.

The consumer price index (CPI) for October showed a reading of 0% rise, compared to economists' expectations of a 0.2% rise. Excluding food and energy, the CPI, a closely watched measure of inflation, was also flat month-over-month. Read more at FOX Business